SunSirs: Wheat Prices Fluctuated strongly in China Last Week (November 20-24)
November 28 2023 14:54:32 SunSirs (Selena)
According to the commodity market analysis system of Shengyishe, the domestic wheat market prices fluctuated strongly at a high level last week. The average price at the beginning of the week was 2,978.00 RMB/ton, and the average price over the weekend was 2,988.00 RMB/ton, a slight increase of 0.34%.
In late November, the continuous decline in wheat prices has led to trading entities being reluctant to sell and raising prices. In addition, weather factors have affected wheat exports, resulting in a slight decrease in the domestic wheat market supply. Downstream flour enterprises have raised prices slightly to ensure the arrival of goods, driving the domestic wheat market to experience strong price fluctuations.
The wheat analyst from SunSirs believes that overall, high-quality and tradable grain sources are gradually decreasing, existing trading entities are reluctant to sell and maintain prices, and the demand for terminal flour is lower than expected. Flour enterprises have relatively sufficient wheat inventory, and reserve wheat continues to be released. The market is playing a long short game, and there is insufficient momentum for the wheat market price to continue to rise in the short term. It is expected that the overall domestic wheat market price will continue to fluctuate slightly at the current level this week.
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