US wheat prices fell sharply after May WASDE

Wheat prices fell sharply yesterday in Chicago, following the USDA report, which revised upwards the wheat world carryover stock to 310 mln t for the future season, against 295 mln t for the current campaign, Agritel reports.

Soybean and corn prices were also falling, due to rapid plantings in the US, the message reads. Despite poorly remunerative price levels for farmers, the acreage should be record. Indeed, farmers benefit from a very protective price insurance system.

"The only support for now on agricultural commodities is the return of Chinese to US soybeans purchases, raising hopes of seeing other products exports gaining momentum as well," the Agritel specialists comment.

Decreasing price trends are observed on the market of food wheat driven by a number of factors on the external market (improved weather conditions and the prospect of gross grain yield in the EU countries, Ukraine and Russia).

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