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Although the US wheat export sales data did not perform well, the world’s major importing countries actively entered the market this week , looking for wheat, replenishing inventories, and establishing strategic reserves, which provided support to the wheat market
.
On Friday, the Chicago Board of Trade (CBOT) September soft red winter wheat futures rose by approximately 15.
25 cents or 2.
17% from a week ago, to close at 719 cents per cat
.
The September hard red winter wheat futures on the Kansas City Futures Exchange (KCBT) closed at about 705.
75 cents per bus, up 32.
5 cents or 4.
85% from a week ago
.
The September hard red spring wheat futures on the Minneapolis Grain Exchange (MGEX) closed at approximately 916.
25 cents per bus, up 11.
75 cents or 1.
30% from a week ago
.
Euronext's December 2021 milling wheat period reported about 232.
25 euros/ton, an increase of 6.
75 euros or 3.
00% from a week ago
.
The spot price of Argentine wheat was US$283/ton, up US$6 or 2.
17% from a week ago, FOB price
.
The Zhengzhou Commodity Exchange's September 2021 wheat futures closed at about 2,771 yuan/ton, down 1 yuan from a week ago
.
25 cents or 2.
17% from a week ago, to close at 719 cents per cat
.
The September hard red winter wheat futures on the Kansas City Futures Exchange (KCBT) closed at about 705.
75 cents per bus, up 32.
5 cents or 4.
85% from a week ago
.
The September hard red spring wheat futures on the Minneapolis Grain Exchange (MGEX) closed at approximately 916.
25 cents per bus, up 11.
75 cents or 1.
30% from a week ago
.
Euronext's December 2021 milling wheat period reported about 232.
25 euros/ton, an increase of 6.
75 euros or 3.
00% from a week ago
.
The spot price of Argentine wheat was US$283/ton, up US$6 or 2.
17% from a week ago, FOB price
.
The Zhengzhou Commodity Exchange's September 2021 wheat futures closed at about 2,771 yuan/ton, down 1 yuan from a week ago
.
On Friday, the US dollar index closed at 92.
78 points, up 0.
7% from a week ago
.
78 points, up 0.
7% from a week ago
.
The US Department of Agriculture's weekly crop progress report shows that as of August 1, the winter wheat harvest in the United States was 91% complete, compared with 84% in the same period last year, and the five-year average was 86%
.
The spring wheat harvest was 17%, 4% in the same period last year, and the five-year average was 8%
.
The excellent and good rate of spring wheat was 10%, 9% last week and 73% in the same period last year
.
.
The spring wheat harvest was 17%, 4% in the same period last year, and the five-year average was 8%
.
The excellent and good rate of spring wheat was 10%, 9% last week and 73% in the same period last year
.
Last week, the U.
S.
Wheat Quality Council (WQC) conducted a three-day annual inspection in North Dakota, the number one spring wheat producing region in the United States.
The final estimate is that the yield of hard red spring wheat this year will be 29.
1 bu/acre, slightly higher than the estimate of the U.
S.
Department of Agriculture.
28 cats/acre, but far lower than last year’s yield of 49 cats/acre, and the lowest since 1993
.
The U.
S.
Department of Agriculture has predicted that this year’s U.
S.
spring wheat production will fall to its lowest level in 33 years
.
Analysts pointed out that the factors of spring wheat production reduction have been basically digested by the market.
Therefore, some bulls chose to take profits and sell off their positions this week, especially when the delta virus spread in some of the world’s largest economies, resulting in uncertain prospects for global economic recovery.
Down
.
As of the close of the market on August 5, MGE spring wheat has risen approximately 50.
8% over the beginning of the year and 80.
1% over the same period last year
.
S.
Wheat Quality Council (WQC) conducted a three-day annual inspection in North Dakota, the number one spring wheat producing region in the United States.
The final estimate is that the yield of hard red spring wheat this year will be 29.
1 bu/acre, slightly higher than the estimate of the U.
S.
Department of Agriculture.
28 cats/acre, but far lower than last year’s yield of 49 cats/acre, and the lowest since 1993
.
The U.
S.
Department of Agriculture has predicted that this year’s U.
S.
spring wheat production will fall to its lowest level in 33 years
.
Analysts pointed out that the factors of spring wheat production reduction have been basically digested by the market.
Therefore, some bulls chose to take profits and sell off their positions this week, especially when the delta virus spread in some of the world’s largest economies, resulting in uncertain prospects for global economic recovery.
Down
.
As of the close of the market on August 5, MGE spring wheat has risen approximately 50.
8% over the beginning of the year and 80.
1% over the same period last year
.
The outlook for Russian wheat production continues to deteriorate, and consulting agency SovEcon lowered its forecast for Russian wheat production in 2021 to 76.
4 million tons, down 5.
9 million tons from its earlier forecast
.
During this winter, the freezing death rate of the wheat crop was higher than everyone expected, resulting in an unexpectedly low harvest area
.
In addition, the hot and dry weather in July also affected the yield of spring wheat and winter wheat
.
IKAR lowered its forecast for wheat production in Russia in 2021 by 3 million tons to 78.
5 million tons, due to low wheat yields in the central and Volga regions
.
The Russian Grain Association also lowered the forecast range of Russian wheat production to 79 to 80 million tons, which is lower than the previous forecast range of 82.
5 to 83 million tons, and a decrease of up to 7% from the 85.
9 million tons in 2020, mainly due to the decline in the planting area.
, The yield of winter wheat was lowered to 2.
81-2.
83 tons/ha
.
4 million tons, down 5.
9 million tons from its earlier forecast
.
During this winter, the freezing death rate of the wheat crop was higher than everyone expected, resulting in an unexpectedly low harvest area
.
In addition, the hot and dry weather in July also affected the yield of spring wheat and winter wheat
.
IKAR lowered its forecast for wheat production in Russia in 2021 by 3 million tons to 78.
5 million tons, due to low wheat yields in the central and Volga regions
.
The Russian Grain Association also lowered the forecast range of Russian wheat production to 79 to 80 million tons, which is lower than the previous forecast range of 82.
5 to 83 million tons, and a decrease of up to 7% from the 85.
9 million tons in 2020, mainly due to the decline in the planting area.
, The yield of winter wheat was lowered to 2.
81-2.
83 tons/ha
.
In Europe, the recent rainy weather has also affected the harvest of wheat crops in Germany and France.
The German Farmers Association (DBV) and the French Ministry of Agriculture have lowered their own wheat production forecasts this week
.
However, based on the current news, the impact of rainy weather on wheat crops is more reflected in quality damage, and more wheat may be reduced to feed grade
.
The German Farmers Association (DBV) and the French Ministry of Agriculture have lowered their own wheat production forecasts this week
.
However, based on the current news, the impact of rainy weather on wheat crops is more reflected in quality damage, and more wheat may be reduced to feed grade
.
However, the outlook for Ukrainian wheat production has improved
.
APK-Inform expects Ukraine’s wheat production in 2021/22 to be 28.
3 million tons, an increase of 14% year-on-year and 4% higher than its July forecast due to high early-season cereal yields
.
.
APK-Inform expects Ukraine’s wheat production in 2021/22 to be 28.
3 million tons, an increase of 14% year-on-year and 4% higher than its July forecast due to high early-season cereal yields
.
The US Department of Agriculture’s weekly export sales report shows that for the week ending July 29, the US’s 2021/22 net wheat sales were 308,300 tons, which was 40% lower than last week and 28% lower than the four-week average
.
The total US wheat export sales so far this year amounted to 8.
41 million tons, a decrease of 16.
9% from the same period last year
.
Although the pace of US wheat export sales slowed down, this week the world's major importing countries actively entered the market to purchase wheat, including Japan, Pakistan, Algeria, Turkey, Jordan, Tunisia and Egypt, etc.
, indicating that the global wheat demand situation is improving
.
.
The total US wheat export sales so far this year amounted to 8.
41 million tons, a decrease of 16.
9% from the same period last year
.
Although the pace of US wheat export sales slowed down, this week the world's major importing countries actively entered the market to purchase wheat, including Japan, Pakistan, Algeria, Turkey, Jordan, Tunisia and Egypt, etc.
, indicating that the global wheat demand situation is improving
.
The U.
S.
Department of Agriculture will release its supply and demand report on August 12
.
Analysts believe that the U.
S.
Department of Agriculture is currently too optimistic about the output of wheat in Canada and Russia.
It may need to be adjusted down by as much as 20 million tons to reflect the actual output situation
.
Analysts expect that all wheat production in the U.
S.
will be 1.
723 billion cats in 2021/22, which is lower than the 1.
746 billion cats predicted by the US Department of Agriculture in July and also lower than last year's 1.
826 billion cats.
This is mainly related to the continued deterioration of spring wheat production
.
The global wheat ending stocks in 2021/22 will also be reduced by 3.
6 million tons
.
US wheat ending stocks may also be lowered by 240 million po or more
.
S.
Department of Agriculture will release its supply and demand report on August 12
.
Analysts believe that the U.
S.
Department of Agriculture is currently too optimistic about the output of wheat in Canada and Russia.
It may need to be adjusted down by as much as 20 million tons to reflect the actual output situation
.
Analysts expect that all wheat production in the U.
S.
will be 1.
723 billion cats in 2021/22, which is lower than the 1.
746 billion cats predicted by the US Department of Agriculture in July and also lower than last year's 1.
826 billion cats.
This is mainly related to the continued deterioration of spring wheat production
.
The global wheat ending stocks in 2021/22 will also be reduced by 3.
6 million tons
.
US wheat ending stocks may also be lowered by 240 million po or more
.
