Wheat Price Floats Close to 3-Year Low
WORLD, Sept. 11 – Wheat futures were below $6 per bushel, holding close to the near-three-year-low of $5.7 touched on September 8th amid ample supply from the world’s top producers.
Russia is set to increase grain shipments in the current marketing year as favorable weather near the late harvest overcame previous concerns of dryness in Siberia and boosted production, Trading Economics reports.
The latest WASDE report expects the country to produce 85 million tonnes of wheat this marketing year, lifting exports to be revised higher to a record-high of 48 million tonnes, by far the largest in the world.
The report also showed that global consumption forecasts were revised lower by 3.4 million tonnes to 796.1 million amid lower feed and residual use in the EU and reduced seed, food, and industrial use by China.
Still, a steeper decline was prevented by persistent uncertainty over Ukrainian supplies, as Russian forces struck grain silos and port infrastructure after suspending the deal guaranteeing shipments out of the Black Sea.
