Different weather conditions pull the stock prices in both directions The wheat prices in Chicago and Paris show a clear decreasing tendency since end of March 2017. The US wheat price has given up by 155 to €145 / t. The wheat forward price has average 175 taken on scarce €165 / t. The decline in the U.S. wheat is primarily with 2 arguments justified. The US export runs as a result of the strong U.S. dollar so weak, higher closing inventories than previously estimated will come out. The U.S. wheat harvest begins in June, so that can be expected with speedy replenishment. The weather in the U.S. winter wheat growing areas are still cheap misjudged, so that despite the low acreage due to higher expected yields with a crop above the line of 50 million tonnes. A bumper crop of 61.5 million tonnes in the previous year is far away. In technical terms the expectations of above-average high physical deliveries could temporarily play a role. Usually the wheat prices in Paris following the Chicago guidelines. The fears of crop losses due to lack of rainfall in large parts of France, Spain and Germany seem to have for the time being no resounding impact. Also the reinforcing note on scarce surplus stocks in the EU has the convictions can influence not visible. The main line on the third-country sales remains as the leading wheat exporter. Aligned when the corn is the European perspective on import . After two years of poor maize harvests, this year's European corn imports over the 10 million tonnes mark control. The ago on the upcoming crop estimates in the appropriations under the multi-annual average results. €170 / t brand itself since the beginning of this year persistent above keep corn prices in Paris . The recent trend is upwards. However, give the corn prices in Chicago more clearly after and between 130 to €140 / t. Background is the one the US record harvest in autumn 2016, which leaves behind high surplus stocks. Rising influence practice from the upcoming high harvest results from first and second crop in South America, which compete with US exports. The impact of the coldest night of April since the beginning of weather records is not manageable. In any case the current growth projection is been compensated for the time being through the cold weather period.
ZMP Live Expert Opinion
End of grain expected overlapping stocks and expectations of the upcoming crop play the essential role for the market and price history. A weather-related pressure on rates with the exception of certain EU member countries outweighs at international level in the current phase. In the other weeks and months is likely to further fluctuations in bandwidth for the time being close.
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