The global wheat market remains subdued

Global raw material markets were bearish on grains, while the vegetable oil complex, particularly sunflower oil, strengthened due to supply concerns. Wheat and corn markets remained under strong pressure due to abundant global supply and ongoing harvests. In contrast, adverse weather conditions in the Black Sea region gave a bullish (rising) impulse to sunflower oil prices. The global wheat market remains suppressed due to massive production forecasts, especially from Russia, and the strong progress of the harvest in the Northern Hemisphere. CBOT (Chicago) futures prices traded close to $185 per metric ton. Physical export prices were higher but stagnant, with hard red winter wheat (HRW) quoted at around $227 per ton and soft red winter wheat (SRW) at $220 per ton. European prices were under pressure from cheap Black Sea competition. Euronext (Paris) milling wheat futures were at $222 per metric ton. In the UK, feed wheat futures traded at the equivalent of $223 per metric ton. ...