SunSirs: Wheat Prices Rose Again in April
May 05 2022 11:17:51 SunSirs (John)
Price trend
According to the monitoring of SunSirs, the domestic wheat market price rose again in April after falling back from a high level. The average price on April 1 was 3,194.00 RMB/ton, and the average price on April 29 was 3,232.00 RMB/ton, up 1.19% within the month.
Analysis review
Entering April, the recurrence of the epidemic in many places hindered the transportation of domestic flour. In addition, the demand for flour continued to decline after entering the off-season, and the domestic wheat market trade turned weak. The transaction volume and price of wheat in the State Reserve fell together, and the willingness of enterprises to purchase continued to decline. Enterprises continued to lower the purchase price of wheat, which drove the domestic wheat market price to fall after a surge.
Beginning in mid-April, the rapid fall in wheat prices caused grain traders to reluctant to sell and keep prices high. After the epidemic improved, the demand for flour rose slightly. In addition, the policy wheat auctions were about to stop, and manufacturers raised prices again to replenish stocks and grab grain. Under the support of demand, the overall domestic wheat market price rose again.
Market outlook
The wheat analyst of SunSirs believes that: the domestic wheat inventory is sufficient, the epidemic has hindered the transportation of grain, and the terminal flour demand is still sluggish. Rotating wheat continues to be released from warehouses to ensure supply and stable prices. New wheat is about to be launched in some areas. International grain prices continue to rise. On the whole, it is expected that the overall domestic wheat market price will continue to fluctuate at a high level in May.
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