Wheat prices in Chicago fell sharply this week due to improved crop conditions and estimates of reduced global wheat production. The winter wheat harvest has reached 24% of the sown area, below the historical average. However, the international private initiative believes there will be a reduction in global wheat production by seven million tons, which could lead to higher cereal prices.
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Original content
Wheat prices in Chicago also retreated strongly this week. The cereal bushel, for the first month quoted, closed on Thursday (29) at US$ 6.53, against US$ 7.39 a week before. This movement followed what happened in soybeans and corn on that Exchange, despite the climate problems in the US. However, there was an improvement in the conditions of the crops to be harvested. In fact, with the winter wheat harvest, until 06/25, reaching 24% of the sown area, against the historical average of 33% for this date, the conditions of the crops, still to be harvested, reached 40 % between good and excellent, another 32% were fair and 28% between bad and very bad. The conditions of the spring wheat crops in that country, on the same date, were between 50% between good and excellent, 38% regular and 12% between bad and very bad. For it or not, the fact is that the international private initiative, contrary to the US USDA, estimates that there is a reduction in global wheat production of around ...
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