SunSirs: Wheat Prices Were Weaker This week (June 12-16)
June 20 2023 14:52:44 SunSirs (John)
Price trend
According to the Commodity Market Analysis System of SunSirs, the overall price of domestic wheat market was weaker and consolidated this week. The average price at the beginning of the week was 2,790.00 RMB/ton, while the average price at the weekend was 2,772.00 RMB/ton, a slight decrease of 0.65%.
Analysis review
In mid June, domestic wheat entered the market fully, with a large amount of high-quality wheat arriving. Flour processing enterprises effectively replenished their inventory and lowered their wheat purchase prices. In addition, imported wheat continued to arrive in ports, resulting in a seamless connection between new and old wheat markets. The demand for summer flour gradually weakened, and the supply pressure on the wheat market continued to increase. The overall price of domestic wheat market was weaker.
Market outlook
SunSirs wheat analysts believe that a large number of new wheat will be listed in a centralized manner, and downstream flour demand will continue to be weak. In the short term, the domestic wheat market prices will continue to be downward under pressure.
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