Multi -country harvests, wheat prices have continuously fallen

[Global Times Comprehensive Report] On July 15th, international wheat prices fell to the lowest level since the end of February this year. Russia's "Food" website reported that the Chicago Commodity Exchange Wheat Wheat Futures fell for the fourth consecutive day and fell to the lowest point since the week. The monthly price of the cargo fell to $ 311.86/ton, and the September futures price of MGEX MGEX fell to $ 334.55. Experts point out that this is mainly due to the bumper harvest of wheat, the increase in exports this year, and the parties reached an agreement on Ukraine's grain exports.

Wheat data map. Picture source IC Photo

Russia's "Today's Economic" network quoted Bloomberg on the 16th that the price of wheat futures in Chicago has been returned to the lowest level since the end of February 2022. Due to the significant increase in Crimean food export supply, food is continuing to enter the world market in large quantities. Recently, Crimea's wheat exports far exceed the level of previous years. At the same time, Russia, Turkey, Ukraine, and UN negotiating representatives reached an agreement on the restoration of the Ukrainian grain export plan from the Black Sea port. Chicago Wheat Futures has a cumulative decline of 12%this week, the largest weekly decline since March 2011. In view of the recent reports of Russia and the United States, the decline in wheat prices has brought hope to relieve the worst food inflation in 40 years.

Russia reported on the 14th that Russian wheat prices continued to fall in the context of new harvests. The export price of Russian wheat containing 12.5%protein in August fell to the lowest level since mid -February. The price dropped from $ 370 a week ago to $ 360 per ton. The main factor in the price decline was the recorded wheat harvest this year. The price of wheat has been declining since early June.

In July, the U.S. Department of Agriculture will increase Russia's 2022-2023 Agricultural Year (July 1, 2022 to June 30, 2023) wheat harvest expected to increase by 500,000 tons to 81.5 million tons, and the export expectations will last about 40 million tons. According to Russian official forecasts, Russia's grain output may reach 130 million tons in 2022, and wheat output will reach 87 million tons, setting a historically high record. Russia has been harvested from July. (Liu Yupeng)

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