Wheat prices declined ahead of USDA report
due to the celebration of the Victory on may 9 in Ukraine and Russia, and of the ascension may 10 in European countries trading in wheat sites this week was rather sluggish.
the price of European wheat crushes the excellent condition of wheat crops in the EU and the precipitation forecast in Ukraine and Russia on may 15. Even the sharp depreciation of the Euro to the level of 1,186 €/$ not supported the prices.
during the week, the EU exported only 96.3 thousand tons of wheat, which was the worst score of the season.
Jordan purchased 60 thousand tons of Romanian wheat for September delivery at a price of 225 $/t CFR Aqaba, but it is not added to market optimism.
- September futures milling wheat on MATIF fell by 2.25 €/t up to 173 €/t (212,69 $/t).
Low probability of precipitation in the near future in the United States and the deficit of moisture in the soil create risks for winter wheat, the production of which is estimated at a minimum of several years.
Traders expect the release of the report USDA with the first forecasts of wheat production in the new season. Experts estimate wheat production in average of 1,757 billion bushels against 1,741 billion bushels in 2017. However, a wide range of projections within a 1,612-1,832 billion bushels much pressure on CNY wheat.
July futures for U.S. wheat fell:
2.48 $/t to 195,29 $/t for solid winter HRW wheat in Kansas city
1.01 $/t to 224,59 $/t on a firm spring HRS wheat in Minneapolis.
- 1.47 $/t to 187,57 $/t for SRW soft winter-wheat in Chicago