Saudi Arabia's decision to buy Black Sea wheat pushes prices

2019-08-09 12:20:24
Machine translation
Saudi Arabia's decision to buy Black Sea wheat pushes prices

State grain operator in Saudi Arabia SAGO reported that wheat of black sea origin may participate in procurement tenders subject to compliance with the quality requirements. At the same time, the country reduced the tender requirements on the content of grains damaged bug, bug, 0% to 0.5%. The decision on mitigation requirements as adopted primarily for the benefit of Russia, but it will also be useful to Ukraine, Romania and Bulgaria.

 

the market Decline of French wheat to 3-month low on Thursday stopped support for Chicago.

 

  • the September wheat futures on the MATIF fell first, for 1.75 €/t, but then they recovered to 170 €/t or 190,30 $/t

 

Soft wheat in Chicago rose for a second day in a row thanks to speculators who spend purchase on the eve of the publication of the report USDA. The market has supported weekly export sales that were near the upper limit of the expert expectations. However, 60 thousand tons of spring HRSwheat sent to China, which became the largest simultaneous purchase of the last two years in this direction after the start of a trade war.

 

the September wheat futures in the U.S.:

0.28 $/t to 153,77 $/t for solid winter HRW wheat in Kansas city.

  • by 3.76 $/t to 183,16 $/t for SRW soft winter-wheat in Chicago

Fell 0.18 $/t to 191,25 $/t hard spring HRS wheat in Minneapolis.

 

the increase in the production of wheat in Argentina presses on the world market. Of the sowing area in the country increased in comparison with the previous year by 6.5% to a 20-year high of 6.6 million hectares, and the weather conditions favor the development of crops.

 

it is Expected that the USDA report, which will be released August 12, will have a "bear" character.

Visitors’ comments (0):