Prices for milling wheat in Ukraine fell to $ 205-210 per tone

On world exchanges, the week began with the continuation of the fall in wheat prices, with soft winter wheat in Chicago remains the leader of the decline, losing 3.4% yesterday and 13% for the month amid accelerating harvest and good yields.

According to the NASS USDA, as of June 9, winter wheat in the United States was harvested on 12% of the area against 7% last year and 6% on average for 5 years, and spring wheat was sown on 98% of the planned area (96% last year and on average for 5 years). In good or excellent condition are 72% of spring wheat crops (60% last year).

Yesterday, the July wheat futures declined:

by 3.4% to 223.2 $/t for SRW wheat in Chicago (-13% for the month),
by 3.5% to 236.5 $/t for HRW wheat in Kansas City (-8.7%),
by 2.9% to 248.1 $/t for HRS wheat in Minneapolis (-9.3%),
by 2% to 239 €/t or 257,4 $/t for September wheat futures on Euronext in Paris (-4,4%).

Traders on the stock exchanges are now more focused on forecasts of increased yields in the United States and the expectation of data in the June USDA report, which will be released on June 12. According to the forecasts of analysts surveyed by Fastmarkets, USDA experts will increase the forecast of wheat stocks in the US, but slightly reduce the estimates of world stocks at the end of 2024/25 MY.

Ukraine is also expected to start harvesting 2-3 weeks earlier due to dry conditions in the center and east of the country. The harvest forecasts are still lower than last year, although in the south and northwest there has been sufficient rainfall in recent weeks, which improves the harvest potential.

Purchase prices for feed wheat continue to decline and are already offered at 190-198 $/t or 9000-9100 UAH/t, and for milling wheat – 205-210 $/t or 9400-9700 UAH/t with delivery to the ports of the Black Sea.

Tags: Ukraine, prices, wheat