Wheat prices in Ukraine continue to decline under pressure from rising production global forecasts

USDA experts increased the forecast for world wheat production by 9.3 million tons to a record 816.2 (800.9 in MY 2024/25) million tons, in particular for Australia – by 3.5 million tons, for the EU – by 1.9 million tons, Russia – by 1.5 million tons, Ukraine – by 1 million tons, and Kazakhstan – by 0.5 million tons, but wheat quotes did not respond to this by falling, since the increase in production is accompanied by an increase in consumption, and ending stocks remain at a relatively low level. Wheat stock quotes even showed a slight increase during the week. Thus, December futures rose: Export demand prices for food wheat in Ukraine continued to decline and fell by another 100-200 UAH/t to 10,200-10,300 UAH/t or $214-218/t with delivery to Black Sea ports in a week, while prices for feed wheat increased by 50-100 UAH/t to 9,550-9,700 UAH/t or $204-207/t due to limited supply. Food wheat prices in Ukraine are being pressured by a decline in Russian wheat prices, caused by ...