Wheat prices have reached new lows

World of NAN analyst presents a brief overview of the world markets of agricultural products for November 13-24. More analytical materials can be found on the editorial office's Telegram channel.

Wheat prices in the world for the last two weeks have mostly decreased in price. The Chicago soft wheat price fell by 4.3% to $202 per ton. Hard Red winter was down by 5.4% ($222). As a result, U.S. wheat prices once again approached September 2020 lows. However, in London, wheat rose in price by 2.2%. One of the reasons for the fall in prices could be the data on export sales of wheat from the U.S., which amounted to 172 thousand tons in the week that ended on November 16. This was the lowest since mid-July. On the other hand, the attacks on the port in Odessa raised the price somewhat, but the effect did not last long. In addition, Ukraine raised its wheat export forecast from 12 to 13 million tons.

Prices for exported Russian wheat on the Black Sea fell slightly. The index for two weeks fell by 0.4% and reached $253 per ton. According to ETS Commodity Exchange data, the bid price of soft wheat of 3rd class with 27% gluten decreased from ₸137,500 to ₸136,000 per ton. There is also a bid for the same wheat, which fell from ₸136.5 thousand to ₸130 thousand per ton. There were no real transactions on the exchange during these two weeks.

Sugar fell in price by 1.3% over the same period of time, and the price per ton in London reached $738, having failed to update the recent new highs. The main negative factor was the increase in the forecast of sugar production from 174.8 to 179.9 million tons this year according to the International Sugar Organization. As a result, the forecast sugar deficit fell from 2.1 million tons to 335 thousand. Also contributing to the fall in price was the drop in oil prices, which makes sugar production more profitable than ethanol. On the other hand, in France, half of the sugar beet crop has not been harvested due to continuing rains.

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