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Wheat prices continued to decline on the exchanges

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Yesterday, wheat futures continued to decline on the background of favorable weather conditions for new crop in all the producing countries, reducing prices for the new crop and buying activity on the old wheat crop. Today the markets will be closed Good Friday and Monday after Easter, which reduced trading activity on the exchanges.

In Paris on the Euronext exchange may wheat prices fell again by 1.5/t to 183,5/t or 206,26$/t. while the September quotes again rose slightly by 0.25/t to 174,50/t or 195,85$/t of Dry conditions in southern Europe are increasing the concern for future harvest. Support for the market from the new harvest gave a forecast of yield reduction of wheat in Morocco to 2019 to of 4.125 million tons, which is by 43.8% less than in 2018, which will lead to the growth of wheat imports in the new season by 20% to 4.8 million tons.

On the American exchanges, the decline in prices continued on Thursday, despite positive data on the export and sale of wheat for the past week. Main reason for the decline is the growth forecasts wheat production in Russia at the background of favorable weather.

According to the weekly report by the USDA, the sale of wheat for the week amounted to 317,7 thousand tons and export shipments at the level of 500,3 thousand tons. Since the beginning of the season already exported 19.3 million tons of wheat and 75% from forecast.

Also worth noting is the active sales of future harvest, which through Sunday was $ 227,79 thousand tons and increased total sales up to 1,622 million tonnes, almost 17% more than the same date last season.

the May quotes of the American wheat have decreased:

soft wheat SRW in Chicago by $1.01 to 163,23 $/ton
hard wheat HRW in Kansas city by $0.18 to 154,32 $/ton
hard wheat HRS in Minneapolis by $1.56 to 192,26 $/ton

wheat Exports from Russia continues to decline and over the past week amounted to about 300,0 thousand tons. Bringing total exports since the beginning of the marketing year were answered last year by 32.7 million tons.

https://graintrade.com.ua

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