US wheat areas to fall again this year and set a record low level — Agritel

Wheat prices rallied in Chicago yesterday mainly due to short covering from the funds. The US wheat acreage will fall again this year and set a record low level, Agritel reports.

"Too wet conditions in the west of Europe added to dryness in some parts of the Black Sea region are also contributing to support prices. In Black Sea, prices increased during last week with producers’ retention. Autumn sowing in Russia have been larger than last year, it is an open question whether spring surfaces will be reduced in the same proportions," the message reads.

On the international market, Ethiopia is seeking 75 thou. t of wheat.

As a reminder, in the week of Nov. 16–22 the volume of wheat exports from Ukraine reduced by 17% to 416 thou. t vs. 499 thou. t in the previous week. Since the start of 2019/20, Ukraine exported 13 mln t of wheat (4.03 mln t more y-o-y).