CBOT wheat prices went down 3.2% last week pressured by low US contracting


During the reporting week (November 23-30), CBOT wheat prices went down 3.17%, reports UkrAgroConsult.

Low US wheat export contracting compared to the previous season amid high competition, especially from Russia, was the main bearish factor last week. During November 16-23, the US wheat contracting fell to 184.4 KMT, which was 62% less than over the same week last season.

The underrun of actual shipments and contracted volumes of the US wheat with delivery in the 2017/18 season increased to 9% (17.16 MMT, compared to 18.87 MMT). On November 23, actual shipments reached 11.6 MMT, compared to 12.5 MMT (-7%).

As market operators expected, winter wheat crop conditions in the USA continued to deteriorate, which prevented prices from the further decline.

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