CBOT wheat futures continued to go down last week
Over the reporting week (March 02-09), CBOT wheat futures continued to go down (-2.16%), despite some improvement of the US old crop wheat contracting, reports UkrAgroConsult.
In the spot market, only a slight decrease in export prices was observed in the top exporting countries.
The main pressure came from the publication of the March USDA WASDE report, in which the USDA experts increased the estimate of wheat crop in Australia (+2 MMT to 35 MMT) and Argentina (+1 MMT to 16 MMT) in the 2016/17 season. The forecast of the world wheat ending stocks was raised by 1.4 MMT to 250 MMT.
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