World wheat prices approached $260 per ton

Published May 27, 2024

Tridge summary

The article highlights the increase in wheat prices on the US stock exchange, with the July contract ending at $7.035 per bushel, driven by concerns about the harvest in Russia. Frost damage to 10% of the winter crops has resulted in a reduction in the initial forecast for Russia's wheat harvest from 92 million to 83 million tons, causing a 20% rise in wheat prices within the country. Despite these concerns, Kazakh farmers anticipate a good harvest due to the high moisture content of the soil, even as they face delays in sowing from May rains, which may result in lower quality grain.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The July contract for wheat on the US stock exchange ended the week at $7.035 per bushel ($258 per ton). While prices started this week at $6.7 per bushel ($246 per ton). The trigger for growth remains concerns about the harvest in Russia. May frosts led to the death of winter crops on 10% of the area, so the initial forecast for the wheat harvest in the Russian Federation this season was reduced by experts from 92 million to 83 million tons. In Russia itself, this factor also led to an increase in prices; in recent weeks, wheat prices have risen by 20%. However, Kazakh farmers doubt that Russia will reduce pressure on the Kazakh market. The fact is that grain comes to the Republic of Kazakhstan from border regions, from Altai to Orenburg. There were no frosts there, and good prospects for the harvest remain relevant. Prices inside Kazakhstan have also not changed for several months, remaining at 105-110 thousand tenge per ton of class 3 grain. Farmers believe that Kazakhstan will ...
Source: Oilworld
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