Wheat futures fell to below the $5.8 per bushel mark, retreating from the over-two-month high of $6 touched on April 23rd as positive developments to US supply added to the strong production outlook for other major producers. A new report from the USDA indicated that domestic winter wheat headed crop booked sharp gains in eight states toward the end of April, weighing against previous concerns that dry weather in the US Wheat Belt would hamper the country’s output. This magnified strong supply globally, as April's WASDE report maintained its previous upgrade to Russian wheat production, 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. Additionally, the report upwardly revised supply for the European Union, Moldova, and Pakistan.
Wheat decreased 25.59 USd/BU or 4.08% 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 26 of 2024.
Wheat decreased 25.59 USd/BU or 4.08% 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.