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Commodity News

SunSirs: Weak Wheat Price Adjustment Last Week (July. 6-10)

July 14 2020 10:05:07     SunSirs (Linda)

1. China wheat price trend

According to SunSirs monitoring, the overall price of the Chinese wheat market was slightly weaker last week. The average price at the beginning of the week was 2,336.00 yuan/ton, and the average price at the weekend was 2,328.00 yuan/ton, a slight decrease of 0.34%.

2. Market analysis

In July, the supply pressure of the wheat market in the new season continued to increase, and the wait-and-see attitude of trade subjects continued to increase. This week, the State Reserve Wheat auction planned to list 1,058,876 tons, with a turnover of 29,285 tons, a turnover rate of 2.76%, and an average transaction price of 2,364 yuan/ton. During the week, the state's auction sales continued to decline, gradually becoming more popular, new and old wheat continued to supply, and wheat prices continued to weaken slightly. Supported by the city's acquisition policy, wheat prices have limited room to fall.

3. Outlook forecast

SunSirs wheat analysts believe that the pressure on the supply of new grains is not reduced, the old grains continue to be shipped out, the minimum purchase price policy is supported, and the long and short games, the domestic wheat market prices will move slightly in the short term.

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