Wheat Returns to 2-Month Low
Wheat fell to around $6.65 per bushel, its lowest level since August 18, as early assessments pointed to a significantly larger Australian harvest. During a two-day crop tour, scouts from the Grain Industry Association of Victoria reported strong yields across the region, with only limited signs of water damage and disease. The prospect of increased ...
Wheat prices have plummeted to a two-month low of around $6.65 per bushel, marking the lowest level since August 18. This decline is attributed to early assessments suggesting a significantly larger Australian wheat harvest. Grain Industry Association of Victoria scouts conducted a two-day crop tour, revealing strong yields across the region with minimal indications of water damage or disease.
The anticipated increase in Australian supplies may help alleviate pressure on buyers in Southeast Asia and the Middle East, especially as the ongoing Black Sea conflict endangers grain shipments from two of the world's leading wheat producers. Geopolitical risks persist, post-Ukrainian President Volodymyr Zelenskyy's decision to resume attacks on Russian oil refineries due to ongoing Russian strikes on Ukrainian energy infrastructure and uncertainty regarding US support.
The crop tour encompassed crucial growing areas such as Horsham and Ouyen in Victoria, and Wagga Wagga in New South Wales. Findings from the assessment are expected to be released within the coming week.
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