Wheat

Chicago wheat futures traded at $7.3 per bushel in January, around the lowest in over 14 months, amid signs of abundant supply and weak demand. Industry research leader Sovecon upwardly revised shipment projections for Russia, the world’s top exporter, by 200 thousand tonnes to 44.1 million in the current marketing year amid a record-breaking harvest and record-high stocks in the country. The group also stated that expectations for warmer weather conditions at Russian farms eased fears of hostile topsoil temperatures for the incoming crop. In the meantime, another major exporter Australia forecasted its harvest to reach historical 42 million tonnes in the current marketing year. On the demand side, the latest WASDE report revised its world consumption projections downwards by 1.6 million tonnes to 789.5 million for the same period, mainly due to lower feed and residual usage in the EU and Ukraine. .

Historically, Wheat reached an all time high of 1350 in March of 2022. Wheat - data, forecasts, historical chart - was last updated on January of 2023.

Wheat is expected to trade at 718.97 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 641.68 in 12 months time.