The growth of markets for soybeans and corn support wheat prices

2020-11-19 12:04:27
Machine translation
The growth of markets for soybeans and corn support wheat prices

Despite the pressure from fundamental factors in the form of significant wheat supply on the world market, the stock price of wheat remains high, with the support of neighbouring markets of soybeans and corn.

 

quotes On crushes the cancellation of tenders for the procurement of wheat in Thailand and Jordan, and waiting for the tender in Pakistan, where bid prices up again 286-296 $/t C&F.

 

However, the results of trading on the wheat exchange Commission on Wednesday decided the speculators began to close short positions.

 

meanwhile, experts have lowered the upper limit of expectations of the weekly export sales of US wheat by 200 thousand tons, and now they make 250-500 thousand tons.

 

December futures U.S.:

the

1.93 $/t to 204,93 $/t for solid winter HRW wheat in Kansas city

0.55 $/t to 202,18 $/t on a firm spring HRS wheat in Minneapolis.

  • 0.92 $/t to 219,63 $/t for SRW soft winter-wheat in Chicago

 

Wheat exchange in Paris yesterday received support from higher export forecast and the possible revitalization of sales in China in the second half of the season.

 

State Agency FranceAgrimer has raised its forecast for wheat exports from France in 2020/21 MG to 13,317 million tons, which is 37% lower than in the previous season. In particular, the forecast of exports to third countries (outside the EU) increased to 6.85 million tonnes, which is 49% less than in 2019/20 Mr.

 

Growth markets of soybeans and corn in the United States also supported prices.

 

the

  • December futures for milling wheat on MATIF rose 2.5 €/t to 212,75 €/t or 252 $/t

 

December futures for black sea wheat on the stock exchange in the US traded 254,25 $/t, March – at 257 $/t, while prices for December deliveries of Russian wheat protein 12,5% remain at the level of 250-255 $/t FOB. Due to the strengthening of the Euro prices for European wheat rose to 255-260 $/t FOB.

 

Reduction of prices of offers of Argentine and Australian wheat puts pressure on the price of wheat in the Northern hemisphere.

 

In Ukraine, amid falling demand from exporters, the price of wheat fell to 235-240 $/t or 8000-8150 UAH/t at the port, which has increased sales. Processors offer 8000 UAH/t with delivery to the plant, that in some cases manufacturers more profitable than to take the goods into port.

 

Rains in the Stavropol and Krasnodar territory, and forecast precipitation in the Rostov and Saratov regions reduce anxiety about the fate of winter wheat, the acreage of which in Russia has increased in comparison with the previous year by 1 million hectares. Data about good condition of crops will increase pressure on wheat prices, especially in the second half of the season.

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