Wheat Holds at 2-Month Low
Wheat hovered around $6.6 per bushel, the lowest in two months and more than 13% below the 3-1/2-year high of $7.67 reached on August 28, as rising Russian export volumes and expectations of a strong Australian harvest weighed on the market. Traders have largely overlooked renewed Black Sea shipping attacks, focusing instead on Russia’s growing ...
Wheat prices settled at $6.6 per bushel, marking a two-month low and a 13% decline from the 3-1/2-year peak of $7.67, observed on August 28. The downward pressure stems from surging Russian wheat exports and forecasts of a robust harvest in Australia. Traders have largely sidelined the threat of renewed attacks on Black Sea shipping routes, concentrating on Russia's increasing utilization of Baltic ports, which have been hampered by disruptions that halted much of the activity at southern terminals.
According to Rusagrotrans, Russian wheat shipments are anticipated to hit 3 million tonnes in October, while other analysts have also adjusted their projections upward, indicative of the speed at which shipments are occurring. Simultaneously, preliminary assessments of the crop in Victoria point to Australia possibly delivering a significantly larger wheat yield, which could alleviate supply concerns for buyers in Southeast Asia and the Middle East.
However, drought conditions are curbing output in certain areas of northeastern Australia, and the possibility of restoring Black Sea exports remains uncertain following the resumption of Russian-Ukrainian hostilities.
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.