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Wheat prices in Chicago hit lowest since September — Agritel
22 June 2020, 11:30
Wheat fell again in Chicago on Friday, June 19, with prices at their lowest level since last September, in a context of harvest pressure and a lack of competitiveness of American origins on the international scene, Agritel reports.
Prices on Euronext find some support in the euro's decline against the dollar, while a bearish orientation continues in Chicago.
"On the international scene, Tunisia has purchased 159,000 tonnes of milling wheat and 50,000 tonnes of feed barley from optional origins. Black Sea origins are currently the most competitive," the report reads.
Additional rains are expected over the next few days in Ukraine and Romania and from mid-week in southern Russian plains. As a result, the 2020 barley crop in the Black Sea region is expected to be slightly later than a normal year. On the other hand, rainy weather is positive for the filling of wheat as well as for the development of maize and sunflowers, the consultancy writes.
The Ministry for Development of Economy, Trade and Agriculture of Ukraine is estimating the grain harvest 2020 at over 68 mln t vs. the previously announced forecast of 65-68 mln t.
The Memorandum of Understanding between the Ministry of the Development of Economy, Trade and Agriculture of Ukraine and grain market participants will be signed on July 1 to ensure the projected grain export volume in the 2020/21 season.
