SunSirs: Wheat Prices Were Generally Weak This Week (July 11-15)
July 18 2022 10:10:27 SunSirs (John)
Price trend
According to the monitoring of SunSirs, the domestic wheat market price continued to run weak this week. The average price of wheat at the beginning of the week was 3050.00 RMB/ton, and the average price of wheat at the weekend was 3020.00 RMB/ton, a slight decrease of 0.98%.
Analysis review
Entering July, the listing volume of domestic new season wheat continued to increase, and the supply pressure in the domestic wheat market continued to increase in stages. In addition, the international wheat futures price fell sharply to the previous price level due to geopolitical factors. Domestic trade entities continued to be bearish on the market outlook, coupled with the continued sluggish demand for terminal flour, under the pressure of strong market supply and weak demand, domestic wheat market prices continue to run weakly.
Market outlook
The wheat analyst of SunSirs believes that: the new season wheat has a bumper harvest, the market supply pressure continues to increase, the downstream flour demand continues to be weak, the market has a strong wait-and-see attitude. Under many negative pressures, it is expected that the domestic wheat market price will still have some room to fall in the short term.
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