US wheat: strong dollar thwarts export opportunities

The CBoT wheat futures fell to a six-week low yesterday morning, as the US dollar exchange rate makes US exports even more difficult than it already is. The Black Sea region is currently fighting for supremacy on the world market.
US exporters urgently need more market access, but US wheat has been too expensive. Suppliers from the Black Sea region dominate all international tenders. However, with the sharp drop in forward market prices, the US could also be there next year.
Yesterday, an index that puts the US dollar in relation to six major currencies dropped to 96.35 points. This measures purchasing power, which in turn also means that export opportunities worsen.
Russia's Ministry of Agriculture also increased its crop estimate by three million tonnes to 109 million tonnes of grain in 2018, as harvest conditions in Siberia improved. This will allow Russia to export three million tons more.

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