Wheat quotations fell by 1.8-2.8% against the backdrop of the cessation of war between Israel and Iran and improved wheat harvest forecasts in the Russian Federation

On Monday, wheat quotations partially neutralized the speculative growth from last week by 4-5.6%, caused by the start of an open war between Israel and Iran, due to ceasefire statements and increased wheat harvest forecasts in Russia. The Argus agency raised the forecast for wheat harvest in Russia in 2025 by 4.5 million tons to 84.8 million tons, while USDA estimates it at 83 million tons. The Rusagrotrans analytical center predicts that due to increased yield, Russia will be able to harvest from 85 to 90 million tons of wheat, given the 27 million hectares of sown areas. July wheat futures in the US fell yesterday: September wheat futures on the Paris Euronext exchange fell by 1.8% yesterday to 204.25 €/t or 237 $/t (+2% per week). Traders reduced the number of wheat contracts and fixed profits, but after the exchange closure, a USDA report was released, confirming the delay in winter wheat harvesting in the US due to rains. As of June 22, it was harvested on only 19% of areas ...