Wheat futures fell to under $5.4 per bushel, the lowest since hitting an over-three-year-low of $5.28 on March 15th amid compounding signs of ample supply. Strong production from the Black Sea added to the high wheat output domestically, forcing US farms to continue lowering their asking prices to compete with the flood of supply in foreign markets. April's USDA WASDE report maintained its previous upgrade to Russian wheat output, pointing to a near-record-high 91.5 million tonnes this year, which lifts available wheat for export to an all-time high of 51 million tonnes, by far the largest in the world. The decision to maintain the expectations of record-high exports countered lingering concerns that clearing issues could disrupt shipments out of Russia, after reports from local trading houses stated that authorities blocked ships carrying Russian grains from departing their ports. Additionally, the report upwardly revised supply for the EU, Moldova, and Pakistan.
Wheat decreased 79.48 USd/BU or 12.66% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Wheat reached an all time high of 1350 in March of 2022. Wheat - data, forecasts, historical chart - was last updated on April 19 of 2024.
Wheat decreased 79.48 USd/BU or 12.66% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Wheat is expected to trade at 534.37 USd/BU by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 489.36 in 12 months time.