Global wheat prices will fall by more than 20% in 2023, and the market can be expected in the coming year

Published Jan 3, 2024

Tridge summary

Global wheat prices have mostly increased as winter wheat crop conditions in the U.S. are better than previous years. However, this is largely offset by abundant supply of cheap wheat from major exporters like Russia, Argentina, and Australia. Despite this, trade tensions and conflicts may lead to shipping disruptions, causing uncertainties that could drive wheat prices up. In India, low wheat yields and lower planting areas could result in the country seeking imports for the first time in six years. Industry insiders expect the government to need to import wheat in 2024.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Foreign media news on January 1: As of the week of December 29, 2023, global wheat prices have mostly increased, but wheat prices still fell by more than 20% in 2023, mainly reflecting the abundant supply of cheap wheat from Russia, the number one wheat exporter, Argentina and Australia's new wheat is about to be harvested and put on the market, and the U.S. winter wheat crop is in better condition than in previous years, driving the center of gravity of global wheat prices downward. ​ Looking forward to 2024, global wheat production may face weather threats, and El Niño-related weather may have no impact on wheat crops in India and other countries; the Russia-Ukraine conflict and the Palestinian-Israeli war have led to the risk of shipping disruptions in the Black Sea and the Red Sea. These uncertainties may stimulate wheat There is a strong pulse-like uptrend in prices. ​ On Friday, March soft red winter wheat futures on the Chicago Board of Trade (CBOT) closed at $6.28 per ...
Source: Foodmate
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