SunSirs: Wheat Prices Fluctuated Slightly This Week (July 4-8)
July 11 2022 14:40:14 SunSirs (John)Price trend
According to the monitoring of SunSirs, the domestic wheat market price fluctuated slightly this week. The average price at the beginning of the week was 3,046.00 RMB/ton, and the average price at the weekend was 3,050.00 RMB/ton, a slight increase of 0.13%.
Analysis review
In July, there were frequent rainfalls in many places in China, and the arrival of wheat to deep-processing enterprises decreased. In addition, the wheat market in the early stage was relatively large, and the acquisition of new wheat was progressing rapidly. The main body of the high-quality wheat grain storage trade was still bullish on the overall outlook, and the overall supply and demand game in the domestic wheat market had intensified. This week, the domestic wheat market price as a whole stopped falling and stabilized and moved forward with slight fluctuations.
According to data from the State Administration of Grain and Material Reserves, as of June 25, various grain companies in the main producing areas had purchased a total of 24.56 million tons of wheat, an increase of 5.17 million tons over the same period last year.
Market outlook
The wheat analyst of SunSirs believes that the demand of downstream flour continues to be weak, the farmers are reluctant to sell and keep the price high, the grass-roots purchase price continues to be high, the grain trade main body is bullish on the market outlook, and the long and short are in the game. It is expected that in the short term, the domestic wheat market price will continue to run at the current level with a slight consolidation.
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