Traders forced to reduce prices of wheat
Reducing demand for Ukrainian grain and increased competition from Russian wheat after the closure of the Turkish market force traders to reduce prices of wheat on the basis FOB and CPT – Black sea ports.
currently in the ports for wheat offer:
- 2 gr 167-171 $/ton or 5250-5370 UAH/t,
- 3 gr 166-170 $/ton or 5200-5290 UAH/t,
- feed 158-162 $/ton or 4900-5150 UAH/t
correction in the price of wheat of the new crop forward contracts in August fell to 2-3 $/t to 150-155 $/ton of wheat and 142-145 $/ton for feed.
Chicago is under pressure of speculative factors. Investors closed short positions. Hard winter wheat at Kansas city rose after the information about the deterioration of winter wheat in the United States.
Wheat quotes in the US had the kind of momentum:
- in Chicago fell by 0.28 $/tonne to 156,89 $/ton soft winter wheat SRW
- in Kansas city was up 1.01 $/tonne to 154,96 $/t hard winter wheat HRW,
- in Minneapolis fell 1.38 $/tonne to 193,73 $/t hard spring wheat HRS.
Under pressure from a fall in Chicago wheat futures wheat continued to fall in Paris. In the absence of fresh fundamental news on a wave of speculative sales may milling wheat quotations on the MATIF fell by € 1/t to € 164/t or 174,85 $/ton.