SunSirs: Wheat Prices Tended to Be Strong This Week (October 10-14)
October 17 2022 11:45:41 SunSirs (John)
Price trend
According to the monitoring of SunSirs, the domestic wheat market price was high and strong this week. The average price at the beginning of the week was 3,032.00 RMB/ton, and the average price at the weekend was 3,062.00 RMB/ton, up 0.99% within the week.
Analysis review
After the listing of new season corn, most domestic trade subjects turned their attention to autumn grain. The supply and demand of wheat market was stable on the whole. The minimum purchase price of wheat in the new year was raised. This week, the auction price of national wheat reserve was restarted and the overall transaction was hot. Under the policy boost, the domestic wheat market price continued to run strongly this week, with a high rise of 0.99% in the week.
On September 30, the National Development and Reform Commission and others announced the minimum purchase price of wheat in 2023. With the approval of the State Council, the minimum purchase price of wheat (third class) produced in 2023 was 1.17 RMB/jin, an increase of 0.02 RMB/jin year on year.
Market outlook
The wheat analysts of SunSirs believe that the purchase of summer grain has ended. The wheat is generally high in yield and quality. The high price of wheat in the new season has led to the failure to start the minimum purchase policy this year. The wheat market is high-quality and tradable, and the surplus grain inventory is sufficient. The overall supply of wheat market in the future is relatively loose. In addition, the demand for terminal flour is relatively weak, the whole enterprise purchases whenever it is needed. Under the pressure of strong market supply and weak demand, there is not enough power for the wheat market price to continue to rise in the future.
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