The price of wheat has fallen behind other markets

2021-03-19 12:04:58
Machine translation
The price of wheat has fallen behind other markets

Yesterday after the fall of the markets of oil, corn, soybeans, and oil fell and the price of wheat, while futures on the soft wheat in Chicago updated monthly minimum. Prices presses improvement in weather conditions in the United States and Russia, as well as a good harvest prospects in Europe.

 

Experts Strategie Grains left a forecast of production of soft wheat of the EU-27 in 2021/22 MG level 129,6 million tonnes, which is 8.6% exceeds that of the current season. At the same time, the forecast of wheat exports from the EU to 2020/21 MG decreased by 0.9 million tons to 25.2 million tonnes, resulting in ending stocks of wheat in the EU and the UK will increase.

 

According to experts, the potential for a substantial increase in the price of wheat old crop is exhausted.

 

  • the May futures for milling wheat on MATIF fell by €1/t to 220.5 €/t or 262,58 $/ton, but they were supported by the depreciation of the Euro against the dollar and the results of the tender in Tunisia.

 

the tender on March 18, the Agency of Tunisia (ODC) has acquired such party of the European wheat:

  • 50 thousand MT of hard wheat with shipping April 25 – may 5 price 374,68 $/t C&F, which is 10.4 $/ton lower than the auction February 19,
  • 117 thousand tons of soft wheat with shipping April 20 – may 5 price 298,49 $/t C&F, which is 13 $/t lower than in the previous tender.

 

the wheat continues to fall to data active weekly exports and precipitation forecasts, as well as under pressure from the strengthening of the dollar.

 

the May futures fell:

  • by 3.49 $/t to 231,66 $/t for SRW soft winter-wheat in Chicago,
  • by 5.14 $/t to 215,68 $/t for solid winter HRW wheat in Kansas city,
  • by 2.85 $/t to 229,83 $/t on a firm spring HRS wheat in Minneapolis.

 

Export sales of wheat from the U.S. last week rose by 18% to 390 thousand tons, but only in the season amounted to 24.5 million tonnes, which is 2% more than last year. Actual wheat exports for the week rose by 41.3% to 662,3 kt, and just season amounted to 18.75 million tons projected 26.8 million tons.

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