Export prices for Russian wheat also continue to decline.
After a small rebound, the price of futures contracts for wheat and soybeans on world exchanges returned to a downtrend.
Against the backdrop of positive sentiment on the fact of a possible resumption of exports of Ukrainian grain, and also given the decline in world oil prices amid forecasts of a deterioration in the outlook for the global economy, the cost of futures contracts for wheat fell to the level of early February 2022.
The world wheat market was positively affected by the data on the growth of the sown areas of spring wheat in Canada (10.3 million hectares against 9.5 million hectares a year earlier), a significant improvement in the state of spring wheat in the US and forecasts for a record harvest in Russia.
The price of futures contracts for soybeans fell to the levels of January 18, 2022 — the market fears weakening demand in the global economy.
Weekly export sales of soybeans declined significantly mainly due to the cancellation of shipments by China and unknown buyers.
Corn futures are showing a more buoyant momentum, rebounding from January 2022 levels amid fears of lower corn yields due to hot weather in the US Midwest, which set in during a key phase of crop development — pollination.
Meanwhile, export prices for Russian wheat lost $10 amid forecasts of a record harvest (wheat protein cost 12.5% FOB Novorossiysk $360/ton).
At the same time, the wheat export duty from July 20 to July 26, 2022 will amount to 5984.9 rubles/ton (from July 13 to July 19, 2022, the duty amounted to 5558.9 rubles/ton)
