CBOT wheat prices lost 5% under pressure of increased estimates of Black Sea wheat production


During the reporting week (August 17-24), CBOT wheat prices lost 4.75%, amid the ongoing harvesting season in the main exporting countries and increased estimates of the Black Sea wheat production. Export prices for Ukrainian and Russian wheat kept falling (-5 USD/MT over the week), reports UkrAgroConsult.

However, the US wheat spot prices (September delivery) gained USD 3/MT, due to high weekly US wheat contracting and tenders in Iraq, Algeria and Jordan.

In the USA spring wheat conditions kept improving. Over the week, the share of wheat in good and excellent conditions increased 1% to 34% (66% in 2016). By August 20, the US farmers had gathered spring wheat from 58% of the intended area, while the five-year average for the reporting date is 51% (63% in 2016).

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