During the week, world wheat prices increased by 5%
Quotations of wheat futures contracts rose by 5% to $5.5/bushel ($202/t) over the week. Before that, prices fell to a three-year low of $5.2 at the beginning of the month.
This was reported by analysts of Eavex Capital.
“Despite some signs of rising wheat prices, they have fallen by 14% since the beginning of the year due to sufficient global stocks and record harvests last year. Among the factors that “put pressure” on wheat quotations on the world market is the decision of Chinese wheat importers to postpone the tender for the purchase of more than 1 million tons of Australian wheat,” the report said.
The U.S. Department of Agriculture (USDA) predicts an increase in wheat stocks in Australia, Russia and Argentina, partially offset by a decrease in stocks in the EU. The USDA expects the US carryover stocks to reach 673 mln bushels (18 mln tons) in June, up 18% from a year ago.
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