Wheat poised for largest monthly decline in 2 years due to harvest pressure
The most active wheat contract on the Chicago Board of Trade (CBOT) held steady at $5.79-1/2 a bushel. Corn rose by 0.2% to $4.23-1/4 a bushel, and soybeans increased by 0.2% to $11.07-1/4 a bushel. Wheat prices have fallen close to 15%, marking the most significant decline since June 2022.
Harvests of wheat in top exporting regions in the northern hemisphere are applying seasonal pressure on prices. The European Commission recently raised its forecast for the EU’s main wheat crop this year and increased its export forecasts for both the current and next seasons.
Read more to find out why wheat prices are declining.
Disclaimer:
The upcoming USDA reports will likely influence market movements and provide further insight into crop expectations. The cautious forecast for wheat, corn, and soybeans suggests continued volatility, with potential opportunities for strategic positioning based on emerging data.
Publication date: