World wheat prices: The latest USDA estimate is driving the upwards

According to the latest USDA report, wheat is becoming scarcer, pushing wheat prices even further. A slight easing of the supply balance of maize and soybean is expected. There is likely to be even less wheat around the world in the current marketing year than expected. This is suggested by the latest US Department of Agriculture (USDA) estimates. In the USDA October report released on October 12, world wheat stocks were only 277.2 million tonnes at the end of 2021/22; that's another 6 million tonnes less than expected in September. Closure would therefore fall to its lowest level since 2016/17. Production was cut by 4.4 million tons, and Washington also revised its estimate of global opening inventories downward. On the Paris Matif futures exchange, the December contract rose by a good 1 percent to EUR 271.50 per ton. The later delivery times are also clearly positive. Chicago wheat prices responded equally, and it was hard to expect any different results from the latest USDA ...