Wheat prices remain under pressure news from USA
the USDA in the July report have reduced compared to the previous balance estimate of the wheat crop in the United States by 1.79 million tonnes to 47,89 million tonnes, mainly through the reduction in the production of spring wheat.
the Number of crops of spring wheat in good or excellent condition during the week declined by 2% to 35%, while in 2016 . these were 70%.
Collection of winter wheat during the week has progressed by 14% to 67% of the plan, whereas the level of 2016 and an average of 5 years is 65%.
Ending stocks of wheat in the U.S. will grow from 25.16 to 25.53 million tons.
Traders did not expect the increase in final residuals and predicted a substantial reduction of production. Therefore, a new USDA report was bearish for wheat markets of the United States.
the September wheat futures in the U.S. fell:
- 5.88 $/t to 197,31 $/t for SRW soft winter-wheat in Chicago
- 4.96 $/t to 199,88 $/t for solid winter HRW wheat in Kansas city
- by 5.14 $/t to 287,61 $/t on a firm spring HRS wheat in Minneapolis.
the Predicted precipitation can improve the condition of crops of spring wheat and affect rates.
Ministry of agriculture of France predicts that with 5,147 million hectares will be harvested this year of 36.2 million tonnes of soft wheat with a yield of 7.04 t/ha vs 27,87 million tons last year.
- After this September milling wheat quotations on the MATIF fell 2.25 euros/t to 179,50 Euro/ton or 204,85 $/t
Double compared to last year, the delay of the harvesting campaign in Ukraine and rising world prices has led to a rise in wheat prices in Ukraine . Today the port offers:
- 2 CL-12,5% 165-169 $/t or 4900-5100 UAH/t,
- 3 CR of 11.5% 160-165 $/t or 4800-4950 UAH/t,
- forage 150-155 $/t or 4450-4600 UAH/t