Weather conditions drive up prices for wheat

At the beginning of the week, wheat prices reached 10-month high and continue increasing on the US and European stock exchanges. The reason for the growth is the forecasts of dry weather with temperature rate of 30-35 °C for the next decade in wheat production regions — the USA, Ukraine and Russia, Elevatorist.com writes.

In Chicago, the July futures quotations for soft wheat rose 3.7% and crossed the psychological threshold of USD 200/ton.

The July futures quotations in the USA rose USD 4,68 to USD 202,00/ton for SRW wheat in Chicago; USD 5,51 to USD 207,23/ton for HRW wheat in Kansas City; USD 3,49 to USD 236,72/ton for HRS wheat.

Following Chicago, the French wheat market also reached a 10-month maximum on Friday. On Monday, which was a holiday in the US, MATIF wheat futures rose EUR 1,25 to EUR 183,75/ton (USD 213,7/ton).

Previously it was reported that Ukrainian seaports had exported less wheat over the past week. 407 thou. tons of main grain crops were shipped, 88 thou. tons of which was wheat. A week earlier, this grain crop from Ukrainian seaports was shipped in the amount of 219 thou. tons.