Wheat prices averaged USD 547 cents per bushel in March, down 6.5% from February. On 29 March, the commodity traded at USD 560 cents per bushel, down 3.0% from 29 February.
Upbeat supply and softening demand led to March’s price decline: Cheaper grain from top exporter Russia flooded markets, leading China to cancel shipments from the U.S. More bullishly, the USDA lowered its projections for planted acreages in 2024 in the U.S. compared to last year. Ongoing uncertainty surrounding global shipping routes due to conflict in the Red Sea likely also supported prices.
This chart displays Wheat (US¢/bu) from 2022 to 2024.
Wheat CBOT (prices in US¢/bu, aop)
| Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
|---|---|---|---|---|---|---|---|---|
| Wheat CBOT | - | - | - | - | - | 1,075 | 819 | 813 |