Wheat futures fell to under $5.5 per bushel, extending the decline from the one-month high of $5.67 touched on April 5th amid compounding signs of ample supply. The latest WASDE report pointed to upward revisions on the USDA’s estimate of global supply for the current marketing year, underpinned by stronger-than-expected production in the European Union, Pakistan, and Moldova. Additionally, the report maintained the previous upgrade to Russian 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.
Wheat decreased 86.63 USd/BU or 13.80% 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 18 of 2024.
Wheat decreased 86.63 USd/BU or 13.80% 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.