CBOT wheat prices were pressured by a high wheat supply, incl. from Russia


During the reporting week (November 09-16), CBOT wheat prices decreased 1.77%. The US wheat spot prices (December delivery) lost USD 3/MT and becoming the most competitive on FOB delivery terms after the Argentinean wheat (12%), reports UkrAgroConsult.

The bearish CBOT trend was provided by a high wheat supply in the world market, in particular from Russia. Market operators say that Russian wheat prices were too low at the latest Egyptian tender given the risks of claims for ergot.

A more significant price decline was prevented by weekly data on the US wheat export sales. During November 02-09, 489.3 KMT of wheat were contracted, which was in line with market expectations. However, since the beginning of the season to November 09, actual shipments and contracted volumes equaled 16.78 MMT or -5% compared to the same period of the 2016/17 marketing year.

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