SunSirs: The Price of Wheat Fell Down Overall (February 20-24)
February 28 2023 10:41:41 SunSirs (John)
Price trend
According to the monitoring of SunSirs, the price of domestic wheat market continued to decline this week. The average price at the beginning of the week was 3,104.00 RMB/ton, and the average price at the end of the week was 3,084.00 RMB/ton, down 0.64% during the week.
Analysis review
In late February, the demand for terminal flour was still low, and the intention of grain storage trade entities to cash out of the warehouse was not reduced. In addition, the domestic wheat market supply pressure had continued to increase due to the continuous delivery of the national wheat storage. Under the pressure of strong market supply and weak demand, the domestic wheat market price declined comprehensively.
Market outlook
The wheat analyst of SunSirs believes that under the pressure of strong supply and weak demand in the short term, there is still some room for the domestic wheat market price to fall.
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