01.
11.16
10:46

In the new week, spot prices increase wheat with fixed rates

The global wheat market started yesterday with a positive undertone in the new week. The Black Sea wheat prices quoted remarkably down and the US fund companies last week further expanded their short positions than expected. Yesterday, short covers then supported the futures.
There are actually no fundamental reasons for falling prices during the winter months. The US wheat is competitive with the current 4.15 USD/bu in the world market. Moreover, prices for durum wheat are everywhere stuck on the world; This is largely because that there are more bad qualities in Europe than usual and the study results in Canada are below expectations.
Protein premiums rose in the upcoming weeks and months. The offers for this quality wheat are scarce. CBoT-Weizenfutures are expected from the U.S. market analysts AgResource between 4.1 and 4.4 USD/bu. The persistent drought in the United States and Europe is seen by operators as a risk.
Expanded yesterday to almost 17 euros the spread in favor of the front month of the CME EU wheat and the MATIF wheat, while the September dates only on a premium of €6 per tonne in favour of MATIF wheat are confirmed, what expresses the expectation of a 'normal' French harvest. Premiums for German wheat and wheat from the Baltics are still very high, also the Black Sea wheat premiums rise.
With falling crude oil prices, the exchange rate of the Russian ruble comes under pressure, which improves the competitiveness of Russian wheat on the world market. However, lose the Egyptian dollar under pressure. For a USD you pay already 18 Egyptian dollars on the black market, a month ago was the unofficial exchange rate still at 13! The official exchange rate is still 8.8 to the USD. Egypt's economy is close to collapse.

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