During the reporting week (November 02-09), CBOT wheat prices increased 0.7% after six consecutive weeks of reduction, reports UkrAgroConsult.
The US wheat spot prices (November delivery) strengthened by USD 1/MT.
CBOT price growth was triggered mainly by the publication of USDA November report, as well as by high weekly US wheat contracting (October 26 - November 02), which surprised the market.
In the new report, USDA experts reduced the world's wheat ending stocks estimate in the 2017/18 season by 0.6 MMT to 267.53 MMT. The forecast of the US wheat ending stocks in the current season was lowered by 0.68 MMT to 25.45 MMT, due to an increase in export estimates (+0.68 MMT) to 27.22 MMT.