July futures for new harvest wheat are increasing
Wheat International traders are monitoring weather conditions now. Especially it concerns the Russian Federation, where frosts in April damaged crops weakened by drought and no precipitation is expected in the next 10 days. But for now they are ignoring positive news about the wheat harvest in France and the United States.
In Ukraine, no significant rains are expected during the week. But recent frosts caused almost no damage to crops. Export purchasing prices increased for milling wheat by 400-500 UAH/t to 8800-9100 UAH/t or 195-202 $/t. It corresponds to the pre-war price level. Purchasing prices for feed wheat increased by 500-600 UAH/t to 8200-8300 UAH/t or 180-184 $/t with delivery to the Black Sea ports.
Wheat exports in 2023/24 MY reached 16.64 million tons. This is 8.9% more than last year, with 866 thousand tons shipped in May, which supports prices.