SunSirs: Wheat Prices Fell after Hitting Highs This Week (March 5-11)
March 14 2022 14:37:48 SunSirs (John)
Price trend
According to the monitoring of SunSirs, the domestic wheat market prices fell after hitting highs this week. The average price at the beginning of the week was 3,190.00 RMB/ton, and the average price at the weekend was 3,186.00 RMB/ton, down 0.13%.
Analysis review
In March, manufacturers raised prices and replenished stockpiles, pushing domestic wheat prices to rise sharply. Manufacturers lowered their purchase prices for wheat after wheat inventories were replenished to a certain extent. In addition, the state-stored wheat continued to be released from warehouses to ensure stable prices. This week, the overall auction transaction volume and price fell together, driving the domestic wheat market price to fall after hitting highs as a whole.
Market outlook
The wheat analyst of SunSirs believes that: Geographical problems have pushed up international grain prices, induced grain trade entities to be reluctant to sell, and boosted the domestic wheat market price to continue to rise. On the whole, it is currently the off-season for flour demand, coupled with the continuous delivery of wheat from the State Reserve to ensure stable supply and stable prices, it is expected that the power to continue to rise for wheat is insufficient.
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