SunSirs: This Week, Wheat Prices Was Stable and Weaker (April 17-21)
April 24 2023 13:57:05 SunSirs (John)
Price trend
According to the commodity market analysis system of SunSirs, the domestic wheat market prices this week were generally stable and weaker. The average price at the beginning of the week was 2,882.00 RMB/ton, while the average price at the weekend was 2,878.00 RMB/ton, a slight decrease of 0.14%.
Analysis review
In the middle of April, the demand for terminal flour was still low. In addition, some regions were about to list new wheat, and the main body of grain storage trade was not less inclined to cash out. The downstream flour enterprises were cautious in procurement overall, and the overall situation of strong supply and weak demand in the domestic wheat market remained the same. This week, the domestic wheat market price was stable and weaker under pressure.
Analysis review
The wheat analysts of SunSirs believe that the problem of strong supply and weak demand in the domestic wheat market is difficult to alleviate in the short term. It is expected that the price of domestic wheat market will continue to be weaker under pressure. Supported by the purchase price of local reserve banks, the overall downward space of domestic wheat market prices in the future will be limited.
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