CBOT wheat prices increased influenced by low expectations of French crop


During the period under review (August 04 - August 11) CBOT wheat prices started growing and gained 3.22%.

Rains hampered wheat harvesting in France, contributing to price increase in world commodity exchanges, as well as growth of milling wheat prices in spot markets. By the beginning of the reporting week French winter wheat had been harvested from 76% of the intended area (95% on the same date in 2015).

According to French Ministry of Agriculture, French wheat production will be the lowest over the past 15 years in the 2016/17 season, and average yields will be minimal over the past 30 years. Moreover, excessive rains delayed wheat harvesting in Germany. Unlike the EU, weather conditions are favorable for harvesting in the USA, and it has been completed by 94% (five-year average equals 91%).

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