SunSirs: Wheat Prices Continued to Decline in a Weak Trend This Week (May 8-12)
May 17 2023 09:40:49 SunSirs (John)
Price trend
According to the commodity market analysis system of SunSirs, the domestic wheat market price continued to decline in a weak direction this week. The average price at the beginning of the week was 2,818.00 RMB/ton, while the average price at the weekend was 2,752.00 RMB/ton, a decrease of 2.34% during the week.
Analysis review
In May, the new season wheat came into the market sporadically, and the intention of trade entities to cash out of the warehouse increased. In addition, the policy wheat continued to increase, and the imported wheat continued to arrive at the port. The downstream trade entities were cautious in buying and selling, and the auction volume and price fell at the same time. The trade subject of domestic wheat market had a strong bearish attitude towards the future market. The trade subject of grain storage had accelerated its cashing out, and the supply of wheat market had increased significantly. The domestic wheat market prices continued to decline under pressure overall.
Market outlook
The wheat analysts of SunSirs believe that the problem of strong market supply and weak demand is difficult to alleviate in the short term. New wheat is about to enter the market in batches, and the supply pressure in the future market will not decrease. The domestic wheat market price will continue to be weaker under pressure.
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