Wheat prices grow due to export restrictions from Russia
the price of European wheat continued to press the slow pace of exports, expansion of Russian wheat in traditional Algerian and Libyan markets as well as falling prices on the stock exchanges in the United States.
- Quotes French wheat fell 1.25 €/t to 200 €/t or 231,5 $/t, however, the decline has limited the depreciation of the Euro 1,158 to $/€.
After the completion of trades in Europe appeared information about the intentions of the President to suspend for up to 90 days work 30 port terminals due to the growth of the claims of the importers regarding the quality of Russian grain through the existing quarantine organisms. Although market participants believe that the way the Agency trying to force traders to reduce export growth.
This news has been the driver of rising prices on the U.S. stock exchanges on Tuesday. The restriction of the export of Russian wheat will increase the demand for American grain that has a slightly higher price, but high quality and guarantee of supply increase the competitiveness of products.
the December futures for U.S. wheat has increased:
by 4.04 $/t to 191,98 $/t for solid winter HRW wheat in Kansas city
by 5.24 $/t to 217,34 $/t on a firm spring HRS wheat in Minneapolis.
- by 3.58 $/t to 190,79 $/t for SRW soft winter-wheat in Chicago