Ukraine: Speculative adjustment of stock quotes did not stop the fall in prices in physical wheat markets

Despite the significant pressure of fundamental factors on the wheat market, yesterday on the stock exchanges there was a speculative price adjustment associated with the growth of neighboring markets for soybeans, corn and soybean oil. At the same time, in food markets, food wheat continues to fall in price following a sharp decline in prices for feed wheat, bran and oilseed meal. Prices for Black Sea wheat fell to 269-272 $ / t FOB amid a collapse of the Turkish lira by 17% after the resignation of the head of the National Bank of Turkey. The decline in the purchasing power of the main importer of Russian wheat against the background of already low rates of exports will further increase pressure on prices. Yesterday, French wheat rose for the first time in 11 sessions, receiving support from the depreciation of the euro and rising prices for American wheat. US wheat exchanges traded yesterday under pressure from USDA monitoring data, which showed an improvement in winter crops. ...