Concern about the fate of the new crop of wheat in the United States supported prices

After a sharp drop in stock prices on the wheat to a 13-month low, traders expect some adjustment. But the growth of quotations in Chicago 5.7% Kansas 5.3% in a single session pretty surprised. The reasons for the rising prices was the deterioration of the condition of winter crops in Texas.

According to the U.S. Department of agriculture, in comparison with the previous week the number of crops of winter wheat in good or excellent condition increased

in Oklahoma by 3% to 56%,

in Texas decreased by 8% to 28%.

in Kansas by 2% to 51%,

in addition, the new forecast of the Agency IEG Vantage (Informa) estimate the acreage of wheat in the United States in 2019 was reduced to 46,722 million acres due to lower area under spring wheat.

May futures U.S.:

by 8.27 $/t to 162,68 $/t for solid winter HRW wheat in Kansas city

by 5.33 $/t to 206,04 $/t on a firm spring HRS wheat in Minneapolis.

9,00 $/t to 166,45 $/t for SRW soft winter-wheat in Chicago

After the American exchanges on the background of strong demand yesterday rose European wheat.

the May wheat futures on Euronext rose by 3 €/t to 184,25 €/t or 207,9 $/ton, the September wheat new crop 3 €/t to 176,5 €/t or 199,1 $/t

For the week, wheat exports from the EU fell by 21% to 268,5 thousand tons, slightly more than last year.

French traders await the outcome of the Algerian tender. In addition, Tunisia announced the intention to acquire 42 thousand tons of solid, 92 thousand tons of soft wheat and 75 thousand tons of feed barley.

amid low demand, the prices for Russian wheat with protein of 12.5% dropped to 222-225 $/t FOB, with a protein of 11.5% – 215-220 USD/t FOB.

https://graintrade.com.ua