Volga Baikal AGRO NEWS Update on the World Wheat Prices !!!
World wheat prices fell.
The export value of Russian wheat is about $ 304 per ton.
The growth of futures in the United States resumed due to fears of drought in the southern and western regions of the states.
Wheat prices are declining on world exchanges amid improved planting conditions in the northern hemisphere and rainfall in the southern, according to GrainTrade. Another reason for the decrease in the cost of agriculture in the world is the updated forecasts of the wheat harvest in Russia. On the eve, the analytical centeraised its forecast by 0.2 million tons – up to 75.6 million tons, as the high yield of spring wheat in Siberia partially compensates for the low indicators in other regions. Formerly increased the estimate of the gross yield of wheat from 76 million tons to 78-78.5 million tons.
According to, 10.7 million tons of wheat will be harvested in Siberia this year, which will exceed the harvest in 2020 by 1 million tons and will be the best indicator of the last 12 years. According to the forecast of the Ministry of Agriculture, the wheat harvest will reach 81 million tons, experts of the American agricultural department estimate the potential of the gross harvest at 72.5 million tons, excluding the Crimea.
Director General of the Institute for Agricultural Market Studies () Dmitry Rylko previously estimated the grain harvest this year in the range of 117.5-120 million tons, including 74-75 million tons of wheat, 17.5-18 million tons of barley, 14-14.5 million tons of corn. Rylko told to hat while leaves its forecasts for the wheat harvest at the same level. “We take into account the fact that our huge areas will remain uncleared, since everything was lost there,” the expert noted.
According to GrainTrade, December futures for Black Sea wheat on the Chicago Stock Exchange fell by $ 3.75 to $ 307.25 per tonne, having lost 2.5% in two days. “The lack of active purchases of Black Sea wheat by importers increases the pressure on prices, which remain at $ 300 per tonne FOB,” – said in the message. Wheat prices on the US stock exchanges also fell following the prices of corn and on the back of the news about the intensification of export sales. Over two sessions, quotations fell by 2.7-3.3%, which increased pressure on prices for European and Black Sea wheat. US December futures yesterday fell $ 3.85 to $ 253.5 a tonne SRW wheat in Chicago, $ 3.49 to $ 253.6 a tonne HRW wheat in Kansas City, and $ 2.3 to $ 325.9 a ton of HRS wheat in Minneapolis.
Rylko told tohat the world wheat prices began to rise again. According to him, the export value of Russian wheat is now about $ 304 per ton. “Prices may drop slightly on the back of an increase in duties,” he said. According to Refinitiv, as of September 21, the average price of wheat with 12.5% protein was $ 304 / t FOB Novorossiysk, unchanged from the end of last week.
Head of the analytical centerIgor Pavensky believes that the forecasts for the harvest in Russia have no direct relation to the cost of wheat on world markets. “Nothing fundamental has happened here, and the world market is still guided by the extremely pessimistic USDA forecast of 72.5 million tons. hurricane. The growth of the dollar index and the pressure of the new harvest in general also play a role, the expert told to Moreover, futures in the US have resumed growth due to fears of drought in the southern and western regions of the United States, which may affect winter crops and sowing, which is now underway. In addition, Pakistan is announcing its third tender in September, ”he said. Eduard Zernin, Chairman of the Board of the Union of Grain Exporters, told to hat the world market has realized that Russia will harvest wheat above the USDA forecasts. “A correction in export prices is overdue,” he said. According to the Ministry of Agriculture, as of September 21, wheat in Russia was threshed from 25.5 million hectares, 72.6 million tons were harvested with an average yield of 28.5 c / ha.