Analysis: Russian wheat prices are stable

Prices for Russian wheat with 12.5% protein with delivery in December-January after a brief increase returned to levels of $227-228/t FOB (-$1/t compared to the previous week). The price for American wheat fell to $228/t (-$9/t), Ukrainian 11.5% and French 11% to $226/t (-$2/t), Romanian to $232/t (-$1/t), and Argentinean wheat became cheaper at $213/t (-$1/t). Wheat prices are decreasing under the pressure of high yields of the current season and the absence of negative factors for winter crops. According to the USDA, China's purchase of 132,000 t of wheat from the U.S. as of November 20 was canceled, which put additional pressure on the market. The Buenos Aires Grain Exchange increased its forecast for the wheat harvest in Argentina by 1.6 million t to 27.1 million t (Rosario Grain Exchange - 27.7 million t). As of December 17, 20.2 million t of wheat had been harvested in Argentina from 73% of the areas (76% last year) with a yield of 4.24 t/ha (2.80 t/ha on the same date in ...