

Wheat poised for largest monthly decline in 2 years due to harvest pressure

The most active wheat contract on the Chicago Board of Trade (CBOT) held steady at $5.79-1/2 a bushel. Corn rose by 0.2% to $4.23-1/4 a bushel, and soybeans increased by 0.2% to $11.07-1/4 a bushel. Wheat prices have fallen close to 15%, marking the most significant decline since June 2022. Harvests of wheat in top exporting regions in the northern hemisphere are applying seasonal pressure on prices. The European Commission recently raised its forecast for the EU’s main wheat crop this year and increased its export forecasts for both the current and next seasons. Read more to find out why wheat prices are declining.

why wheat prices drop

Disclaimer:

The upcoming USDA reports will likely influence market movements and provide further insight into crop expectations. The cautious forecast for wheat, corn, and soybeans suggests continued volatility, with potential opportunities for strategic positioning based on emerging data.

Publication date:

2024-07-20 13:09:07 (GMT)

The terms and conditions of use set out below (referred to as "FX Blue's Terms"), form a contractual agreement governing FX Blue's relationship with you in relation to your use of this Website (“Agreement”) and you agree to be legally bound by FX Blue's Terms just as if you had signed this Agreement. By using this Website and any Information, you are agreeing to comply with and be bound by FX Blue's Terms, including any revisions that may be made to FX Blue's Terms from time to time. FX Blue reserves the right, in FX Blue's sole discretion, to change, modify, add or remove portions of FX Blue's Terms at any time by posting the revisions on the Website. You should check FX Blue's Terms periodically for changes as by using the Website after FX Blue posts any changes to FX Blue's Terms, you are agreeing to accept those changes, whether or not you have reviewed them, and you waive any right you may have to receive individualised notice of such changes. FX Blue's Terms may be supplemented by additional terms and conditions pertaining to specific content and activities. You agree and understand that such additional terms and conditions are hereby incorporated by reference to FX Blue's Terms. Your continued use of the Website means that you accept any new or modified FX Blue Terms.