China once again canceled the purchase of wheat from the USA, justifying its actions with a significant offer on the world market. These actions affected Chicago grain futures. This is reported by Bloomberg .
The statement of the US Department of Agriculture states that private exporters refused to purchase 264,000 tons of American soft red winter wheat for delivery to China.
It was the third consecutive session with such an announcement, resulting in a total cancellation of 504,000 tons, the largest figure for 1999 according to USDA data.
As market operators reported, the decline in export prices for Russian wheat and high supply on the world market continue to restrain demand for American wheat.
Against this background, wheat futures on the CBOT showed a downward trend on March 12, after the results of trading the day before, they rose in price by almost 4% to the level of the previous trading day and amounted to $201.1 per ton.
We will remind you that China is actively contracting Ukrainian corn. Other importers — Turkey, Egypt, Italy, Spain — also began to buy a lot of Ukrainian grain.
© Yulia Nemtseva , Kurkul.com, 2023