SunSirs: Wheat Prices Were Fluctuating Forward (April 10-14)
April 18 2023 14:09:58 SunSirs (John)
Price trend
According to the commodity market analysis system of SunSirs, the price of the domestic wheat market fell again this week after rebounding from the decline, and moved forward in shock overall. The average price at the beginning of the week was 2,886.00 RMB/ton, while the average price at the weekend was 2,890.00 RMB/ton, a slight increase of 0.14%.
Analysis review
In the middle of April, supported by the purchase of wheat by enterprises directly under the Central Storage Grain Corporation, the trade subjects' mentality of being reluctant to sell and holding up prices has become stronger, supporting the domestic wheat market price to stop falling and rebound slightly overall. With the increase of policy wheat supply this week, the domestic wheat market was relatively sufficient, and the demand for terminal flour continued to be depressed, the domestic wheat market prices fell again at the weekend.
Market outlook
The wheat analysts of SunSirs believe that: the terminal flour demand continued to be depressed, and the pig price continued to decline, which made the wheat feed substitution overall limited. The wheat inventory was relatively sufficient, and there was a game between long and short. In the short term, there is limited room for the price recovery of domestic wheat market, and it will fluctuate slightly at the current level.
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