CBOT wheat futures lowered by 1.6% under pressure of high world wheat supply


Over the reporting week (September, 8-15) Chicago wheat quotations lowered by 1.6% and cash market followed the tendency, reports UkrAgroConsult. High world wheat supply continues to pressure the world prices as well as decrease in Russian wheat export duty and upcoming start of wheat harvesting in Australia. 

At the same time further decrease in prices was limited by the data of September USDA report, where 2016/17 season`s estimate of world wheat ending stocks was decreased essentially (-3.75 MMT) to 249.07 MMT. Market expectations varied around 251.4 MMT.

Wheat (16-Dec), CME (c/bu)

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