Wheat prices are rising because of increased demand

2019-01-09 12:04:33
Machine translation
Wheat prices are rising because of increased demand

Scheduled many importing countries at the beginning of January a tender for the procurement of wheat heat prices on physical and financial markets.

 

So the Egyptian operator GASC plans to purchase not less than 55-60 thousand tonnes of optional-origin soft milling wheat for delivery during February 20-March 10, which will be a new price indicator for European and American grain.

 

the tender announced by the Japanese MAFF importer to buy 95,944 tonnes of wheat in February-March, will compete against Australian, canadian and U.S. milling wheat.

 

European traders hope that the French wheat wins the tender in Algeria, who in the 2018/19 season acquired 80% of exports of French soft wheat. The chances of winning increases the return in December of the vessel of the Argentine wheat for quality.

 

Tunisia is planning to purchase 100 thousand tons of durum wheat for delivery in February-March.

 

in addition, next week a tender for the procurement of wheat in Taiwan, Jordan and Morocco, and at the end of the month in Syria, Ethiopia and Sudan.

 

  • Yesterday, wheat futures in Paris rose by 0.75 €/t to 206 €/t or 235,99 $/t on positive expectations of the tender in Algeria and on the background correction of the Euro after rapid growth the day before.

 

Traders expect boost exports of U.S. wheat after a rise in prices for black sea grain, which contributes to the speculative growth of quotations on US exchanges.

 

March quotes wheat rose:

0.74 $/t to 185,55 $/t for solid winter HRW wheat in Kansas city.

  • 0.37 $/t to 190,24 $/t for SRW soft winter-wheat in Chicago

However, fell by 0,28 $/t to 208,42 $/t hard spring HRS wheat in Minneapolis.

 

In Russia today is the first working day in the new year, so the high trading activity is not expected.

 

In Ukraine actively exports of corn increased logistical problems in the ports. Some places don't have enough tanks for the transshipment of wheat, so traders are forced to raise the price of wheat to attract the necessary volumes at the ports.

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