Global wheat market: spring wheat prices broke through $10/pu, hitting a 9-year high

Foreign media news on October 24: In the week ending October 22, 2021, the global wheat market prices have risen.
Among them, the price of spring wheat in the United States has exceeded 10 US dollars per bus.
This is also the highest point since 2012, because global wheat demand is strong.
while spring wheat production cuts led to tight supply, especially high protein wheat supply
.
On Friday, the Chicago Board of Trade (CBOT) December soft red winter wheat futures closed at about 756 cents per bus, up 22 cents or 3% from a week ago
.
The December hard red winter wheat futures on the Kansas City Futures Exchange (KCBT) closed at approximately 774 cents per bus, up 30.
25 cents or 4.
1% from a week ago
.
The December hard red spring wheat futures on the Minneapolis Grain Exchange (MGEX) closed at approximately 1013 cents per bus, up 44.
25 cents or 4.
6% from a week ago
.
Euronext's March 2022 milling wheat period reported about 275 euros/ton, an increase of 4.
75 euros or 1.
76% from a week ago
.
The spot price of Argentine wheat was US$296/ton, down US$4 or 1.
3% from a week ago, FOB price
.
Drought in the southwestern United States will worsenThe U.
S.
Department of Agriculture's weekly crop report shows that as of October 17, the planting of winter wheat in the United States was 70% complete, with a five-year average of 71%
.
The emergence rate of winter wheat is 44%, and the five-year average is 47%
.
At present, extreme drought (D3) still exists in northwestern North Dakota
.
From October 21st to 25th, the southern plains of the United States will be dry and temperatures will be higher than normal
.
According to the forecast of the US Climate Prediction Center (CPC), from October 26th to 30th, precipitation in the southwest and southern plains of the United States is likely to be lower than normal
.
The winter weather forecast issued by the National Oceanic and Atmospheric Administration (NOAA) shows that severe droughts in parts of the western and northern plains of the United States will continue or worsen this winter, which is also in line with the characteristics of the La Niña year
.
In the years of La Niña, winter weather in the southern plains of the United States is usually dry
.
In the October supply and demand report, the U.
S.
Department of Agriculture has lowered the US wheat production for 2021/22 to 1.
646 billion cats, which is 50 million cats lower than the September forecast, and also lower than the 1.
828 billion cats of the previous year; ending stocks are adjusted down.
To 580 million bucks, lower than the 615 million bucks predicted last month, and 31.
4% lower than the 2020/21 season
.
 　　Canadian wheat supply is tight 　　The Canadian Department of Agriculture and Agri-Food in the October report estimated that the Canadian wheat production in 2021/22 was 21.
715 million tons, which was in line with the previous month’s forecast, but a year-on-year decrease of 38.
3%; the forecast value of wheat exports was raised from last month’s 15.
60 million tons to 1610 10,000 tons, but still far below the 26.
407 million tons in the previous year; the ending stocks of wheat are expected to be 3.
45 million tons, which is 500,000 tons lower than the previous month’s forecast and a 39.
5% year-on-year decrease
.
In contrast, the U.
S.
Department of Agriculture lowered its forecast for Canadian wheat production from 23 million tons to 21 million tons in its October supply and demand report
.
 　　European wheat export competitiveness weakened 　　According to the private analyst firm Strategic Grains, the increase in European wheat prices has weakened export competitiveness, especially the attractiveness of French wheat in traditional markets, including Algeria and Morocco
.
However, due to the fact that Romania and Bulgaria have already exported a large amount of wheat, the EU wheat export forecast for this year has been raised to 32 million tons, which is higher than the previous forecast of 31 million tons
.
 　　Ukraine's wheat exports increase 　　In the Black Sea region, the Ministry of Agriculture of Ukraine stated on Tuesday that it has reached a consensus with major grain traders to increase the wheat export quota for the 2021/22 season to 25.
3 million tons, which is a 44.
6% increase from the 17.
50 million tons for the 2020/21 season.
Cereal production is expected to hit a record high
.
With favorable weather in Ukraine this year, cereal production is expected to reach 80.
3 million tons, including 32.
3 million tons of wheat
.
 　　Russian wheat exports fell by 13% year-on-year, and wheat production may increase next year 　　The export price of Russian wheat remained stable last week, having risen for 13 consecutive weeks
.
Russian farmers are not willing to sell, and continue to support the export price of Russian wheat
.
According to IAKR, for the week ending October 15, the FOB price of 12.
5% ​​Russian protein wheat delivered in early November at the Black Sea port was US$310 per ton, the same as a week ago
.
According to SovEcon, the price of wheat in Russia is US$313 per ton, which is US$1 higher than a week ago
.
 　　According to data released by the Russian Federal Veterinary and Plant Quarantine Service on October 18, as of October 14, Russia’s wheat exports in the 2021/22 fiscal year (July to June of the following year) amounted to 13.
6 million tons, a year-on-year decrease of 13%.
The reason lies in the uncertainty of export tariffs
.
This week Russia continued to raise export tariffs on wheat
.
 　　Consulting agency SovEcon issued a report on October 18, predicting that Russian wheat production will reach 80.
7 million tons in 2022, up from 75.
5 million tons in 2021, due to improved weather in winter wheat producing areas
.
Sovecon expects the wheat planting area in Russia to stabilize at 28.
7 million hectares in 2022
.
 　　China's rainy weather delays wheat planting 　　Pan Wenbo, director of the Planting Management Department of the Ministry of Agriculture and Rural Affairs of China, said on October 20 that continuous rains in recent weeks have delayed wheat planting in major producing areas
.
Due to continuous rainfall since September, as of October 19, the national winter wheat planting was completed by 26%, a decrease of 27% from previous years
.
Late planting will affect growth, and too much soil moisture will cause more crop diseases
.
The State Council said on Wednesday that it will work hard to ensure a bumper summer grain harvest next year.
Measures to achieve this goal include drying and storing grain, as well as planting in autumn and winter
.
Other measures include speeding up farmland drainage, increasing the supply of chemical fertilizers and pesticides, and ensuring the supply of electricity and diesel for grain drying
.
China has raised the minimum purchase price of wheat in 2022 to encourage farmers to expand planting areas and strengthen domestic food security
.
Wheat prices American protein 　　On Friday, the Chicago Board of Trade (CBOT) December soft red winter wheat futures closed at about 756 cents per bus, up 22 cents or 3% from a week ago
.
The December hard red winter wheat futures on the Kansas City Futures Exchange (KCBT) closed at approximately 774 cents per bus, up 30.
25 cents or 4.
1% from a week ago
.
The December hard red spring wheat futures on the Minneapolis Grain Exchange (MGEX) closed at approximately 1013 cents per bus, up 44.
25 cents or 4.
6% from a week ago
.
Euronext's March 2022 milling wheat period reported about 275 euros/ton, an increase of 4.
75 euros or 1.
76% from a week ago
.
The spot price of Argentine wheat was US$296/ton, down US$4 or 1.
3% from a week ago, FOB price
.
 　　Drought in the southwestern United States will worsen 　　The U.
S.
Department of Agriculture's weekly crop report shows that as of October 17, the planting of winter wheat in the United States was 70% complete, with a five-year average of 71%
.
The emergence rate of winter wheat is 44%, and the five-year average is 47%
.
At present, extreme drought (D3) still exists in northwestern North Dakota
.
From October 21st to 25th, the southern plains of the United States will be dry and temperatures will be higher than normal
.
According to the forecast of the US Climate Prediction Center (CPC), from October 26th to 30th, precipitation in the southwest and southern plains of the United States is likely to be lower than normal
.
The winter weather forecast issued by the National Oceanic and Atmospheric Administration (NOAA) shows that severe droughts in parts of the western and northern plains of the United States will continue or worsen this winter, which is also in line with the characteristics of the La Niña year
.
In the years of La Niña, winter weather in the southern plains of the United States is usually dry
.
In the October supply and demand report, the U.
S.
Department of Agriculture has lowered the US wheat production for 2021/22 to 1.
646 billion cats, which is 50 million cats lower than the September forecast, and also lower than the 1.
828 billion cats of the previous year; ending stocks are adjusted down.
To 580 million bucks, lower than the 615 million bucks predicted last month, and 31.
4% lower than the 2020/21 season
.
 　　Canadian wheat supply is tight 　　The Canadian Department of Agriculture and Agri-Food in the October report estimated that the Canadian wheat production in 2021/22 was 21.
715 million tons, which was in line with the previous month’s forecast, but a year-on-year decrease of 38.
3%; the forecast value of wheat exports was raised from last month’s 15.
60 million tons to 1610 10,000 tons, but still far below the 26.
407 million tons in the previous year; the ending stocks of wheat are expected to be 3.
45 million tons, which is 500,000 tons lower than the previous month’s forecast and a 39.
5% year-on-year decrease
.
In contrast, the U.
S.
Department of Agriculture lowered its forecast for Canadian wheat production from 23 million tons to 21 million tons in its October supply and demand report
.
 　　European wheat export competitiveness weakened 　　According to the private analyst firm Strategic Grains, the increase in European wheat prices has weakened export competitiveness, especially the attractiveness of French wheat in traditional markets, including Algeria and Morocco
.
However, due to the fact that Romania and Bulgaria have already exported a large amount of wheat, the EU wheat export forecast for this year has been raised to 32 million tons, which is higher than the previous forecast of 31 million tons
.
 　　Ukraine's wheat exports increase 　　In the Black Sea region, the Ministry of Agriculture of Ukraine stated on Tuesday that it has reached a consensus with major grain traders to increase the wheat export quota for the 2021/22 season to 25.
3 million tons, which is a 44.
6% increase from the 17.
50 million tons for the 2020/21 season.
Cereal production is expected to hit a record high
.
With favorable weather in Ukraine this year, cereal production is expected to reach 80.
3 million tons, including 32.
3 million tons of wheat
.
 　　Russian wheat exports fell by 13% year-on-year, and wheat production may increase next year 　　The export price of Russian wheat remained stable last week, having risen for 13 consecutive weeks
.
Russian farmers are not willing to sell, and continue to support the export price of Russian wheat
.
According to IAKR, for the week ending October 15, the FOB price of 12.
5% ​​Russian protein wheat delivered in early November at the Black Sea port was US$310 per ton, the same as a week ago
.
According to SovEcon, the price of wheat in Russia is US$313 per ton, which is US$1 higher than a week ago
.
 　　According to data released by the Russian Federal Veterinary and Plant Quarantine Service on October 18, as of October 14, Russia’s wheat exports in the 2021/22 fiscal year (July to June of the following year) amounted to 13.
6 million tons, a year-on-year decrease of 13%.
The reason lies in the uncertainty of export tariffs
.
This week Russia continued to raise export tariffs on wheat
.
 　　Consulting agency SovEcon issued a report on October 18, predicting that Russian wheat production will reach 80.
7 million tons in 2022, up from 75.
5 million tons in 2021, due to improved weather in winter wheat producing areas
.
Sovecon expects the wheat planting area in Russia to stabilize at 28.
7 million hectares in 2022
.
 　　China's rainy weather delays wheat planting 　　Pan Wenbo, director of the Planting Management Department of the Ministry of Agriculture and Rural Affairs of China, said on October 20 that continuous rains in recent weeks have delayed wheat planting in major producing areas
.
Due to continuous rainfall since September, as of October 19, the national winter wheat planting was completed by 26%, a decrease of 27% from previous years
.
Late planting will affect growth, and too much soil moisture will cause more crop diseases
.
The State Council said on Wednesday that it will work hard to ensure a bumper summer grain harvest next year.
Measures to achieve this goal include drying and storing grain, as well as planting in autumn and winter
.
Other measures include speeding up farmland drainage, increasing the supply of chemical fertilizers and pesticides, and ensuring the supply of electricity and diesel for grain drying
.
China has raised the minimum purchase price of wheat in 2022 to encourage farmers to expand planting areas and strengthen domestic food security
.