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Market Update: Wheat Hits 4-week High
Wheat increased to a 4-week high of 726.25 USd/Bu, boosted by global supply worries and robust demand. Statistics Canada estimated spring wheat output at 15.3 million tonnes, the smallest since 2007, down 41% year over year and lower than StatsCan’s previous estimate of 16.1 million due to record-hot summer temperatures and sparse rain. The US Department of Agriculture already had cut its forecast of global 2021-22 wheat production and ending stocks, citing poor weather in Russia, Canada and the US. Meantime, several import countries have been submitting international tenders for wheat in recent days, signaling robust demand. [/s2If]
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