Wheat prices are rising again under the lower forecast production in the EU
European analysis Agency Strategie Grains on Thursday lowered its forecast for soft wheat production in the EU with 139,9 million tons, according to the June settlement to 132.4 million tonnes. The new figure is almost 7% below the harvest in 2017.
Strategie Grains also confirmed its forecast for soft wheat production in France, which was made in the beginning of the month – 33.2 million tons, 4.6 million tons less than forecast in June.
the Forecast for Germany is lowered compared to the previous month by 1.2 million tons to 22.7 million tons, 7% less production last year.
Strategie Grains has lowered the forecast of export of soft European wheat in the 2018/19 season is 1.6 million tons to 21.1 million.
Strategie Grains has lowered its forecast for production of all wheat in the EU to 141,15 million tonnes, 8.2 million tonnes less than yesterday's estimates from the USDA at the level 149,4 million.
Under pressure from the forecasts for a decline of wheat production in September quotes milling wheat on the Paris stock exchange rose by €2.75 to of 181.50 €/ton (211,76 $/tonne).
September quotes of the American wheat have risen:
- soft wheat SRW in Chicago for $4,68 to 178,02 $/ton
- hard wheat HRW in Kansas city for $2.66 to 176,83 $/ton
- hard wheat HRS in Minneapolis by $1,84 to 194,92 $/ton