SunSirs: Wheat Prices Fluctuated Forward Slightly (March 13-17)
March 22 2023 14:01:33 SunSirs (John)
Price trend
According to the monitoring of SunSirs, the domestic wheat market price fluctuated forward slightly this week. The average price at the beginning of the week was 3,062.00 RMB/ton, and the average price at the weekend was 3,066.00 RMB/ton, a slight increase of 0.13%.
Analysis review
In the middle of March, affected by the overall decline in wheat prices in the first ten days, grain storage trade entities had become increasingly reluctant to sell and support prices. The arrival volume of wheat in flour enterprises decreased, and enterprises increased prices to supplement their stocks and supported a small recovery in the domestic wheat market price. As the inventory of the enterprise had been replenished to some extent, and the demand for flour had fallen after the temperature rose, the enterprise lowered the purchase price of wheat again, driving the domestic wheat market price to fluctuate forward slightly.
Market outlook
According to wheat analysts from SunSirs, policy wheat continues to be released, and the intention of grain storage and trade entities to cash out remained unabated. In addition, the terminal flour demand was about to enter the off-season, and the problem of strong market supply and weak demand pressure was gradually becoming prominent. It is expected that in the short term, the domestic wheat market price will not have enough momentum to recover, and the overall operation will be mainly stable and weaker.
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