Wheat Price OutlookWheat prices edged up over the last month, partly on the back of concern over severe drought in Australia which was likely behind the USDA’s recent downward revision to its estimate for Australia’s wheat production in 2018/19. Moreover, ongoing concerns over a possible restriction on exports of Russian wheat following a poor harvest have added further upward pressure to prices. On 5 October, wheat traded at USD 502 cents per bushel, which was up 3.1% from the same day last month. Moreover, the price was 16.1% higher on a year-to-date basis and was up 23.5% from the same day last year. Looking ahead, prices are likely to trade at close to their current level. In the 2018/19 season, global production is set to fall due to lower output from Australia, the EU and Russia, which will only be partially compensated by higher U.S. production. At the same time, global demand is set to remain fairly stagnant, with higher food usage largely offsetting lower feed usage.
Wheat Price History Data (USD cents per bushel, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Wheat Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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