Chicago wheat futures eased to $10.7 per bushel after surging by more than 5% on Monday, after reports of improved supply from alternative sources slightly eased mounting concerns of shortages. Favorable weather in Australia lifted production forecasts to 30.8 million tonnes for 2022/23, 22% higher than the 10-year average. Also, the Indian government said it could allow a shipment of 500 thousand tonnes after its export ban lifted wheat prices to the 14-year high of $12.84. Still, June’s FAO report forecasted the first drop in global grain production in four years for the coming season, with the main declines seen for rice and wheat. This comes on top of existing supply concerns. The West is unlikely to relax sanctions on Moscow, a requirement set by Russia to open trade corridors in the Ukrainian Black Sea and Sea of Azov ports. Over 20 million tonnes of Ukrainian grain are stuck near port silos, accumulated since maritime shipping was halted on February 24th. Historically, Wheat reached an all time high of 1350 in March of 2022. 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. The biggest wheat producers are China, India, Russia, the US, France, Australia, and Canada. Russia is the biggest exporter of wheat followed by the United States, Canada, France, Ukraine, Australia, and Argentina. Ukraine and Russia accounted for nearly 30% of global wheat exports before the Russian invasion of Ukraine. 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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