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USDA lowered the forecast of consumption and sharply increased the forecast carryover of wheat in this season

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In the April balance of supply and demand of wheat from the USDA forecast wheat production in the world remained unchanged, but the consumption forecast fell by 3.76 million tons to 739,15 million tons, and the forecast of ending stocks has increased by 5.08 million tons to 275,61 million tons.

the Forecast of wheat consumption was reduced for EU countries by 1.5 million tons in connection with the increasing use of cheaper feed corn, countries in the Middle East at 1.20 million tons and the United States to 320 thousand tons.

it is Noticeable that the experts, the USDA increased the forecast of export of European wheat to 1 million. tons to 24 million tons, and for the United States decreased by 0.54 million tons to 25.7 million tons and Argentina by 0.5 million tons to 13.7 million tons, while prices for U.S. and Argentine wheat is now lower than in the European.

It is connected primarily with a growth forecast of import of wheat in North Africa 0.3 million tons to 27 million tons, the countries which traditionally buy more French wheat.

Experts USDA has dramatically increased the forecast of world ending stocks by 5.08 million tons, primarily due to the growth of carryover in the Middle East at 2.35 million tons in connection with a reduction in consumption. Also carryovers zbrisati in the USA for 860 thousand tons in Argentina, at 450 thousand tons, the EU 290 thousand tons, the countries of North Africa to 480 thousand tons.

a”Bearish” USDA report was the cause of AIDS in wheat prices on the American exchanges.

an Additional factor of pressure on prices are data on the increase in assessment of winter wheat in the U.S. is 4% to 60% as good or excellent .

the May quotes of the American wheat have decreased:

soft wheat SRW in Chicago by $2.11 to 168,83 $/ton
hard wheat HRW in Kansas city for $1.47-157,08 $/ton
hard wheat HRS in Minneapolis by $0.37 to 192,17 $/ton

the quotations of the European wheat in Paris yesterday fell by only 0.25 Euro per tonne to 189,25/t or 213,11$/t for delivery in may, but pressure data of the updated report will continue to decrease rates.

In the European market will follow the new tender which was announced by Algeria and the situation with the refusal of the Egyptian GASC make the ship of French wheat for increased content of the ergot.

https://graintrade.com.ua

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