Global: USDA predicts 2024 wheat price drop amid supply surge

In a recent development, the U.S. Department of Agriculture (USDA) has disclosed its preliminary acreage forecast for 2024, indicating a potential reduction in corn and wheat plantings compared to the previous year. While the USDA’s projections slightly lag behind analysts’ forecasts, the market has already witnessed discernible impacts, with continuous declines in corn and wheat prices surpassing the drops observed in soybean prices. On the Chicago Stock Exchange, March U.S. wheat futures faced downward pressure, despite the anticipated reduction in planted acreage across farms. This could be attributed to currency fluctuations or a decline in overseas inquiries. Additionally, favorable weather conditions and optimistic outlooks for wheat harvests in major producing regions, including the US and Canada, may contribute significantly. Weak export sales from the United States have further heightened the pressure on prices. Industry analysts closely monitor the situation, expressing ...