Adverse weather conditions in the USA, China and Russia led to a speculative increase in wheat prices by 2.5-4.6% per day

emergency has been declared in some areas affected by drought. Wheat harvesting is underway in China, but there is information that the harvest will be smaller than predicted due to drought. In the southern plains of the United States, prolonged rains are delaying the harvest of winter red wheat and leading to lower wheat condition estimates in some areas. As of June 16, only 3% of the acreage in Kansas has been threshed (compared to 11% on a five-year average), 30% (46%) in Oklahoma, and 56% (57%) in Texas. Hot weather is forecast this week, followed by another wave of rain later in the week that will help spring crops but again delay the winter wheat harvest. July wheat futures in the US rose yesterday: EU soft wheat exports in MY 2024/25 remain at a low level of 19.76 million tonnes, 34% below last year’s pace (29.91 million tonnes), but these data are still incomplete as information from France and Bulgaria is delayed. European wheat quotes were supported by the results of a ...