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Market Update: Wheat Market Remains Under Pressure
Chicago wheat futures traded around $6.5 a bushel, having touched their lowest since April 13th below $6.4 on June 17th, amid oversupply concerns due to the prospect of growing production in the Black Sea area. Wheat exports from Russia, Ukraine and Kazakhstan are seen rising 5% in the 2021/22 marketing season. Elsewhere, the latest USDA report 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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