Chicago wheat futures traded around $7.2 a bushel, as Russia the world’s top wheat shipper speeds up harvesting and Russia’s Agriculture Ministry continues to forecast wheat production of 81 million tons, above the USDA projection of 72.5 million tons. Still, wheat prices are not far from February 2013 levels of $7.7 amid tightening global supplies. The US Department of Agriculture slashed its forecast of global 2021-22 wheat production and ending stocks, citing poor weather in Russia, Canada and the US. In addition, concerns that this year’s rain-hit French crop will have disappointingly low quality continue to mount.
Historically, Wheat reached an all time high of 1334.50 in February of 2008. Wheat - data, forecasts, historical chart - was last updated on August of 2021.
Wheat is expected to trade at 713.41 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 825.59 in 12 months time.
Wheat Futures are available for trading in The Chicago Board of Trade (CBOT), Euronext, Kansas City Board of Trade (KCBT) and the Minneapolis Grain Exchange (MGEX). The standard contract unit is 5,000 bushels. United States is the biggest exporter of wheat followed by the European Union, Australia and Canada. Wheat prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
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