02.
11.16
11:42

Currency turmoil in the Middle East affect the wheat market

Yesterday, prices for all world's major types of grain against a background of weaker currencies in importing and exporting countries declined. Market participants prepare themselves, however the next WASDE report of the USDA on Wednesday of next week.
Is no large inventory changes are expected in the wheat. Possibly the consumption but will increase. Soybean stocks are likely to be estimated at 2 to 3 million tonnes higher and corn stocks remain at record levels. The offer remains huge overall so for the time being.
It is found that it should rain abundant in large parts of Central and Eastern Europe by mid-November. Enables the decline yesterday but good strike wages for bio-fuels and consumer prices are likely to fall. Black Sea wheat export prices are higher than a month ago with 179 $/ tons 9 USD/tonne.
Trading yesterday due to the holidays was thin in many parts of Europe and also the volume of trade on the futures exchanges was manageable. The CME EU wheat price on December 16 fell to 7 euros per tonne. No one knows whether it was once again a "fat finger" trade in the thin market. The Weizenfutures at the Paris MATIF gave 2-3 euro / tonne, because still there is no demand. In Rouen, currently no ship loading wheat for export.
Black Sea wheat prices have hardly changed. Because crude oil prices continue up, the rate of the Russian rouble is weakening but further and drops to a 5-week low. The Turkish lira exchange rates sink to an all-time low. The economic crisis in Egypt devalue the Egyptian pound against most currencies and might be to develop the essential factor for wheat demand from there.

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