CBOT wheat prices declined after the rise in world’s wheat ending stocks estimates


During the reporting week (October 05-12), CBOT wheat prices declined 2.32%. The US wheat spot prices (November delivery) lost USD 2/MT, French prices dropped by USD 3/MT, while the prices for Black Sea 12.5% protein wheat remained unchanged, reports UkrAgroConsult.

Bearish CBOT trend was triggered by the publication of October USDA WASDE report. The agency experts raised the world's wheat ending stocks estimate for the 2017/18 season by 5 MMT to 268.13 MMT, which was above the market expectations. The US wheat ending stocks in the 2017/18 season were estimated 0.75 MMT higher at 26.13 MMT.

Moreover, rains in the US producing regions contributed to the replenishment of moisture reserves that was favorable for winter wheat development. According to meteorologists, the temperature in producing regions will remain high until the end of the month, which may speed up plant development.

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