Getreide Cockpit, 18.04.2019

(AMI) - US wheat prices have depreciated significantly before 2 trading days. Decisive factors were the positive valuation of the US wheat stocks as well as rising supply pressure on the international market. The US Department of Agriculture (USDA) rated 60% of US winter wheat field crops as good to excellent in its weekly report on Monday. Although this share is unchanged from the previous week and the estimate is in line with expectations, it is 29 percentage points more than at the same time in 2018. The USDA also reports that summer wheat is only seeded at 2%, while it was around 13% on a five-year average. The well-developed US field crops raise crop expectations. But they are also positive in other countries. The consulting firm SovEcon has recently raised its harvest forecast for Russia, and in Germany the wheat harvest in 2019 could be a fifth higher than in the previous year. All of this already suggests a very comfortable global wheat supply in the 2019/20 marketing year. The wheat courses in Chicago were thereby pulled down, within a trading day they lost clearly, which called however bargain buyers on the plan.Most recently, they made up for some of the losses, but on a weekly basis there is a decline of 4 to the equivalent of 145 EUR / t. However, Chicago's exchange rates on the Chicago Stock Exchange have barely changed; at the equivalent of EUR 125 / t, they only miss the previous week's level by EUR 1 / t. Although heavy rains in the western midwestern United States are delaying local maize sowing, farmers are not really worried, as there is still plenty of time left to sown the crop on time without sacrificing yield. In addition, the weather outlook has improved recently, so field work could soon move forward more quickly.