The Russian wheat harvest may be larger - prices have fallen in the US and Europe

Strong selling pressure could be experienced on the crop markets on Thursday's trading day. In Chicago, wheat became cheaper by 1.6 percent, corn by 1.4 percent, soybeans by 1.6 percent, and canola by 0.2 percent. In Europe, all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, closed in the red. More Russian wheat could hit the global market, with the United States Department of Agriculture (USDA) forecasting Russian wheat production 5 million tons higher than a month ago. Thus, the total forecast increased to 90 million tons. The uptick in Russian production will have a particular impact on wheat futures, as Russia is the leading wheat exporter and has an outsized impact on global export prices. "For wheat, we expect competition from the Black Sea to continue to undermine price growth," said Terry Reilly of analyst firm Marex. In the monthly supply and demand report, revisions to corn and soybean yields led to larger-than-expected upward ...