Quotes for nearby futures fell to a yearly low (the nearest futures contract was the December, on Friday, the trade was completed). Since the end of September on the market is the downward trend.

The market has weakened because of the Statistics Canada report, where the forecast of wheat harvest in Canada in 2017/18 increased by 2.9 million tonnes to 30 million tons (31.7 million t and 2016/17). The market expected a much less significant increase to an average of 28 million tons of the Last forecast of the Ministry of agriculture of the United States – 27 million tonnes.

In Paris quotes for the week lost 0.3% due to the weakening of the Euro, the March futures closed the week at €161,5/t ($190,1/t).

Tomorrow, December 12, a monthly report of the Ministry of agriculture of the United States, traditionally have a significant effect on the movement of the exchange grain market. For wheat, the market expects a small decline in world stocks at the end of 2017/18.

Prices for Russian wheat last week were mostly stable. In the export market, the average price of wheat (12.5%) remained at $191,5/ton (FOB deep-sea ports). In the domestic market wheat 3 CL rose by an average of 50 rubles to 8575 RUR/t, 4 KL – remained at 7525 RUR/t, 5 CR – 6125, RUB/t (average prices offers EXW European part of Russia, net of VAT).

The decline in prices on world markets in the near term can lead to the weakening of the Russian export prices.

Photo: agros43.ru