Increased production in Canada has crashed the price of wheat
statistics Canada in yesterday's report increased the estimate of gross yield of wheat in 29,984 million tonnes, down from 27-28 million tons of the previous balance that only 5.5 million tonnes lower than in the previous year.
further increase in supply in the market that is already oversupplied, putting pressure on prices. In addition, the quotation under pressure from the stronger dollar.
Traders in anticipation of further price declines continue a speculative sell. The price of soft wheat in Chicago fell to two-week low.
March U.S. wheat futures fell
by 2.94 $/t to 155,61 $/t for hard wheat HRW in Kansas city,
by 4.59 $/t to 225,51 $/t for hard spring wheat HRS in Minneapolis.
- by 2.75 $/ton to 156,25 $/ton, soft wheat SRW in Chicago
French market continues to fall behind Chicago.
- March delivery milling wheat on the Paris MATIF fell by 0.25 €/t to 161,25 €/t (190,11 $/t).
In Ukraine the price of wheat for delivery in January and February was down 1-3 $/MT with respect to the December prices. Due to the reduction of volume of offers of wheat some traders pereorientirovanija for the purchase of corn. Typically, the activity on the wheat market resumed in the spring, when producers are selling corn and assess the condition of winter wheat return to sales of old crop wheat.