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Market Update: Wheat Hits 9-week Low
Chicago wheat futures fell below $6.7 a bushel in mid-June, touching their lowest since the end of May, amid oversupply concerns due to the prospect of growing production in Russia. The country’s agriculture consultancy Sovecon said on Friday that it had raised its forecast for the country’s 2021 wheat crop by 1.5 million tonnes, after rains in May improved the condition of winter wheat in Russia’s south. Elsewhere, a USDA report released on Thursday showed US wheat ending stocks in June were lower than expected. Wheat prices hit an over eight-year high of $7.8 per bushel on May 7th, supported by demand from the livestock industry in China. [/s2If]
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