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CHICAGO: Wheat futures fell to the $8.3 per bushel mark in the fourth week of October, hovering at levels not seen in one month as recent data pointed to signs of strong supply and lower demand.

Data from the United States pointed to a 46% weekly decline in exports on the week ending October 21, the latest sign of lower foreign demand.

In the meantime, Chinese customs records pointed to 370 thousand tonnes of wheat being imported during September, over 40% lower than the corresponding period of the previous year.

On the supply side, UN spokesman Dujarric stated that the ongoing discussions with Moscow concerning the extension of the current deal establishing a trade corridor for Black Sea.

Ports have been positive and constructive, strengthening hopes that major exporter Ukraine will be able to ship wheat and free much-needed silo storage space for the ongoing harvest.

While Export prices for Russian wheat fell to the level of last year, despite a surge in demand from importing countries. Difficulties are also added by the weather situation in the ports, which affects the pace of grain shipments.

Analysts kept the forecast for wheat exports in October at 4.3 million tons (including EAEU countries) compared to 3.3 million tons a year ago. For 20 days of October, according to the calculations of Rusagrotrans, about 3.2 million tons of wheat were exported. However, in recent days, loading in the ports of the Black and Azov Seas has been difficult due to strong winds and will be delayed in the future, the review says.

Prices for wheat of the 4th class with a protein of 12.5% ​​decreased under the influence of the strengthening of the ruble and the fall in export prices by the middle of this week. In deep-water ports, they amount to 14.5-14.7 thousand rubles. per ton without VAT (-500 rubles compared to the previous week). Last year, the average price was 16.1 thousand rubles. per ton. Purchase prices for low water decreased to 13.2 thousand rubles. per ton without VAT (-950 rubles)

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