SunSirs: Wheat Prices Fell Back Again This Week (March 20-24)
March 28 2023 11:28:07 SunSirs (John)
Price trend
According to the monitoring of SunSirs, the domestic wheat market prices fell comprehensively this week. The average price at the beginning of the week was 3,020.00 RMB/ton, while the average price at the weekend was 2,978.00 RMB/ton, down 1.39% during the week.
Analysis review
In late March, due to the continued downturn in terminal flour demand, flour enterprises continued to reduce the purchase price of wheat, and policy wheat continued to exit the warehouse. The overall availability of wheat in the market was sufficient, and the intention of grain storage trade entities to cash out their inventories remained unchanged. The supply of domestic wheat market was relatively loose, and the price of wheat had fallen under pressure.
The price of wheat continued to decline, and the price difference between wheat and corn gradually decreased. In the future, the substitution effect of wheat for feed will increase. Affected by the current sluggish domestic pig breeding market, the overall recovery of wheat feed demand is limited.
Market outlook
Wheat analysts from SunSirs believe that in the short term, the problem of strong supply and weak demand in the domestic wheat market is difficult to alleviate, and the wheat market price still has some room to fall. Supported by the gradual reduction of high-quality surplus grain and the cost of storing grain for trading entities, the overall downward space for the future wheat market price is limited.
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