At the beginning of this trading week quotations for wheat have dropped in the USA and have remained almost unchanged in Europe. On September 24th quotations for wheat have dropped by 6.5 cents at Chicago exchange in the USA (CME), having amounted to 8.9075 dollars per bushel instead of 8.9725 dollars. The drop has amounted to 0.7 percent – 326.3 dollars per ton. Wheat quotations have dropped by 12.75 cents, to 9.135 dollars per bushel at Kansas City exchange. It used to amount to 9.2625 dollars, so the drop has amounted to 1.4 percent – 334.6 dollars per ton.
This Monday price for wheat has remained unchanged. November contracts have risen from 205.1 to 206.4 pounds sterling per ton at London exchange, whereas in Paris it has risen from 261.25 to 263.75 euro per ton, or 1 percent. January future has increased by 0.9 percent – from 260 to 262.25 euro per ton.
In Kazakhstan October future has risen by 500 tenge per ton, third grade wheat has risen from 38500 to 39000 tenge per ton.
On Monday wheat future has probably finished correction within the second wave, and its sub-waves are currently getting ready to the third down wave. The down trend is proved by strong falling impulse and breaking the point of support 860. If level 908 is broken, the downtrend will be canceled or delayed.
