Financial Associated Press, May 21 (Editor Ma Lan) MondayVideopokercomputergamesThe wheat market reflects the grim situation of the Russian harvest. The export price of Russian wheat rose from US $223-227 per ton to US $236-240 per ton.VideopokercomputergamesThe price of wheat futures in Paris reached 7 per bushel.Videopokercomputergames.5-7Videopokercomputergames.6 dollars.

Mike Zuzulo, a global commodities analyst, said European markets were aware of more serious problems in Ukraine and Russia than previously feared at the time of trading on Monday, with some of the main growing provinces in the Black Sea suffering frost damage for more than a day, leading to a significant drop in wheat production.

Russia's Ministry of Agriculture has also confirmed problems in wheat supply, estimating that the country currently needs to replant 900000 hectares, accounting for about 1 per cent of the total crop area. More than a dozen parts of Russia are still in a state of emergency caused by frost.

According to Sovecon, an agricultural consultancy, temperatures in all parts of Russia are expected to be lower than normal, but there will be no more frosts. For farmers who want to replant, the problem is the lack of moisture in the topsoil.

The Zuzulo also warned that the correlation between commodities also confirmed the risk of wheat prices. Copper, silver and gold prices have all reached new highs, while the correlation between copper and soft red winter wheat prices is about 90 per cent, meaning investors may be flocking to buy wheat spot and futures, further driving up prices.

American opportunity

At a time when European wheat markets are in turmoil, American farmers are brewing new plans. Timely rainfall and snow provide an excellent growing environment for wheat grown in Kansas, which means that the largest wheat producer in the United States is likely to have a bumper harvest.

Last week, USDA crop inspectors scattered around Kansas to measure data and estimated that during the harvest as early as June, the state's wheat was expected to reach a three-year high of 290.4 million bushels, 8.4% higher than the USDA's latest forecast.

But with more than a month to go before the harvest, the vagaries of the weather could still dampen this optimistic outlook. Dave Green, executive vice president of the wheat quality committee and leader of the crop delegation, said that only further rainfall could guarantee a bumper harvest.

However, this has made American farmers rub their hands. The US, once the world's largest wheat exporter, has slipped to fourth place. But this year's cut in Russian wheat production shows the United States the possibility of regaining market share.

Mike O'Dea, a grain analyst at StoneX, said the United States will find some additional demand for wheat. The United States has been unable to compete for cheaper Russian wheat, but Brazil has recently bought some American wheat in bulk. The Mexican market, which is increasingly dependent on Russia, is also likely to change.

O'Dea pointed out that if US wheat can drive Russian wheat out of the Mexican market, US wheat exports will be further expanded.