Global wheat prices continue to fall amid improving US crop conditions
Sustainability & Environmental Impact
Market & Price Trends
Published Nov 29, 2023
Wheat prices on global exchanges have dropped due to improved crop conditions and snowy weather in major US winter wheat growing regions. The USDA reports that the sown areas for winter wheat in the US are 2% higher than the five-year average, with 50% of the crops in good or excellent condition. Export of wheat from the US has also decreased significantly compared to last year, while delayed sowing in France and the postponement of loading French wheat by China has put pressure on European wheat prices.
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Last week, wheat quotations on world exchanges fell by 3.1-6% after a decrease of 2-4.4% in the previous week. Prices are under pressure from improved crop conditions and snow in major US winter wheat growing regions. Yesterday, December wheat futures fell: According to yesterday’s USDA report, 91% of the sown areas have sprouted winter wheat in the USA (89% on average over 5 years). During the week, the number of crops in good or excellent condition increased by 2% to 50% (34% last year), which allows us to hope for an increase in the harvest in 2024. The export of wheat from the USA for the period of November 17-23 decreased by 24% compared to the previous week to 276.6 thousand tons, and in general in the season reached 8.124 million tons, which is 23.25 times lower than last year’s pace. European wheat quotes have not yet reacted to the news of a delay in sowing in France, where, according to FranceAgriMer, 74% of the planned area was sown with soft wheat on November 20, ...