Wheat futures on US exchanges ended the past week and year up slightly on speculative buying, widening the yoy gap.
So, on December 31st they went up in price:
- up 2,3% or $6,61/ton to $291/ton – Chicago Soft Winter SRW Wheat Futures in March (+3,5% for the year),
- up 2,5% or $7,9/tonne to $326,3/tonne - Kansas City Hard Winter HRW Wheat Futures in March (+11% for the year),
- Up 2,7% or $9,09/tonne to $344,9/tonne are March futures for HRS summer hard wheat in Minneapolis (+6% for the year).
At the same time, January black sea wheat futures in Chicago remained at $308,25/ton, almost the same as last year.
March wheat futures for Paris Euronext ended the year at €309,25/tonne or $329,8/tonne (+24% for the year).
Data on the fall in Argentina's wheat production weighed on the market. According to the BAGE exchange, 2022 million tons will be in 23/9,3 Wheat with a yield of 2,23 tons/hectare of 91,4% of the area milled. Grain exchange Rosario has cut its wheat harvest forecast by 2,5% to 11,5 million tons due to the drought, while WASDE estimated it at 12,5 million tons in December, compared to 22,15 million tons in 2021/22 . Wheat exports from Argentina will fall to 2022 million tons in 23/15,3 compared to the previous season, which would be an 6-year low.
Brazil, which is the top importer of Argentine wheat, is reaping a record-breaking wheat crop in just its second year. According to Conab, production in 2022 increased by 24% compared to the previous year to 9,5 million tons, including in the states of Parana and Rio Grande do Sul (where 86% wheat is grown) by 9% to 3,5 million tons and 36 million tons respectively. by 4,7% to XNUMX million tons. Farmers in these states are expected to continue planting wheat seed acres next season amid a bumper harvest.
December export sales of wheat from the USA 43% to 478 thousand tons, reaching a total of 14,922 million tons for the season, up 6% from last year's level, according to USDA data for FAS week December 16-22.
Source: UkrAgroConsult (Ukraine)