Precipitation in the EU and the USA and the possible unblocking of Ukrainian ports increase the pressure on wheat prices
Against the background of technical purchases, wheat futures on world exchanges rose yesterday:
by 0.9% or $2.66/t to $301.1/t – September futures for soft winter SRW wheat in Chicago,
by 0.1% or $0.46/t to $319.9/t – September HRW hard winter wheat futures in Kansas City,
by 0.9% or €3/t to €340/t or $347.4/t – September wheat futures on Paris Euronext.
At the same time, September futures for HRS durum wheat in Minneapolis fell by 0.5% or $1.93/t to $339.6/t, and August futures for Black Sea wheat in Chicago remained at 360.25 $/ton
During the first 10 days of the new season, the EU exported 363,944 thousand tons of wheat, which is 24% more than the same figure last year.
Today, the markets are waiting for the results of the negotiations on unblocking the ports of Ukraine and accurate data on the auctions in Egypt. However, one should not expect a sharp drop in prices from the decision to resume exports from Ukraine, since realistically supplies will not resume before September, and the daily shelling of Mykolaiv will not allow port terminals to work, especially those owned by foreign companies.
Against the background of technical purchases, wheat futures on world exchanges rose yesterday:
by 0.9% or $2.66/t to $301.1/t – September futures for soft winter SRW wheat in Chicago,
by 0.1% or $0.46/t to $319.9/t – September HRW hard winter wheat futures in Kansas City,
by 0.9% or €3/t to €340/t or $347.4/t – September wheat futures on Paris Euronext.
At the same time, September futures for HRS durum wheat in Minneapolis fell by 0.5% or $1.93/t to $339.6/t, and August futures for Black Sea wheat in Chicago remained at 360.25 $/ton
During the first 10 days of the new season, the EU exported 363,944 thousand tons of wheat, which is 24% more than the same figure last year.
Today, the markets are waiting for the results of the negotiations on unblocking the ports of Ukraine and accurate data on the auctions in Egypt. However, one should not expect a sharp drop in prices from the decision to resume exports from Ukraine, since realistically supplies will not resume before September, and the daily shelling of Mykolaiv will not allow port terminals to work, especially those owned by foreign companies.