Wheat Futures Hit 1-Month High
Wheat futures climbed toward $7 per bushel in late August, reaching their highest level since July 23, as intensifying Russia-Ukraine attacks threatened to further disrupt grain shipments from the Black Sea. The worsening conflict has raised concerns over the ability of the two major wheat exporters to move their crops to global markets, particularly as ...
Wheat futures prices surged to a 1-month high of $7 per bushel in late August, marking the peak since July 23. This sharp increase was driven by escalating Russia-Ukraine attacks, which posed a significant threat to Black Sea grain shipments. The ongoing conflict has raised concerns about the ability of Russia and Ukraine, the two largest wheat exporters, to transport their crops to global markets, especially as the new harvest season gains momentum.
According to the US Department of Agriculture, Russia is slated to export 46 million metric tons of wheat during the current marketing year, while Ukraine is projected to ship 13.5 million tons. The price surge was further fueled by a decrease in US wheat export inspections to 425,668 metric tons in the week ending August 20, down from 514,363 tons the previous week. This decline was notably lower than the 1.05 million tons inspected during the same period last year.
Additionally, the US spring wheat harvest was advancing at a rapid pace, with 62% of the crop already in storage by Sunday. This represented a substantial increase from 41% a week earlier and exceeded the five-year average of 52%.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.