Wheat prices declined in April. Prices averaged USD 667 cents per bushel in April, which was 3.7% lower than March’s price and was down 37.5% from the same month last year. Additionally, on 28 April, wheat traded at USD 620 cents per bushel, which was down 10.5% from the same day of the previous month.
Supply-side factors exerted downward pressure on wheat prices in April. The U.S. WASDE April report was bearish for prices due to increased global supply projections, which outweighed higher consumption estimates. The increased likelihood of rain in the drought-hit U.S. Great Plains boded well for supply prospects. Additionally, the improving quality of U.S. winter wheat, higher EU exports and a market-wide sell-off of grains pushed prices down further. Taken together, these factors eased supply concerns stemming from a darkening outlook for the extension of the UN-brokered deal between Ukraine and Russia on wheat exports, currently set to expire on 18 May.
Wheat CBOT (prices in US¢/bu, aop)
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