Russian imports are expected to boost Chicago wheat futures

Driven by market rumors that Russia will have difficulty avoiding imported food, the Chicago Futures Exchange's 23rd wheat price rebounded. Corn futures prices fell due to expectations of high maize production in the United States and negative external markets. Under the boost of strong export demand, soybean prices stabilized and stabilized.

On the same day, the December wheat contract rose by 13.5 cents to close at 7.255 US dollars per bushel, an increase of 1.9%. Corn's December contract fell 3.5 cents to close at $4.3275 per bushel, down 0.8%. The November contract for soybeans rose 1.5 cents to close at $10.055 per bushel, up 0.1%.

Russian Ministry of Agriculture officials said on the 23rd that the hot and dry weather in July and August this year caused more than one billion U.S. dollars in losses to Russian agriculture. Due to an abnormal climate, Russia has 11.15 million hectares of arable land this year, which accounted for 26% of the total cultivated area. The Russian Ministry of Agriculture’s latest forecast for annual grain output is between 60 million and 65 million tons, down 38% from 97 million tons last year.

Although the Russian Ministry of Agriculture on the 20th on the rumors about Russia's large-scale imports of food will be denied, and called it "the malice of food distributors." At present, the temperature in some dry regions in Russia has fallen and rainfall has increased, which has relieved the pressure on the wheat crop to some extent. However, analysts pointed out that if there is not enough rainfall to supplement the soil moisture in dry areas, the country's winter wheat planting will be delayed this year, and the quality of crops will also be affected. At that time, Russia is more likely to be forced to import food.

In addition, part of the wheat growing area in Germany suffers from successive days of rainfall, which not only hinders the wheat harvest process, but also may reduce the quality of wheat crops, and it also adds more favorable factors to the wheat futures price.