Chicago wheat futures extended gains to $8.3 per bushel in September, hovering at levels not seen since July after Russian President Putin criticized the UN-brokered deal with Ukraine of establishing a safe corridor for grain trade through the Black Sea. The comments raised concerns of disruptions from one of the world’s major exporters, risking lower supply and ending stock outlooks worldwide that led wheat prices to remain elevated from March to May. With the resumption of exports through Black Sea ports, Ukraine expects to sell over 20 million tonnes of grain reported to have accumulated in port silos since its invasion started on February 24, while aiming to clear stockpile space for the coming harvest. Further, top exporter Russia expects to ship 4 million tonnes of wheat in September, accelerating from the 3.5 million tonnes in August as its record-setting harvest is sold to the international market.
Historically, Wheat reached an all time high of 1350 in March of 2022. Wheat - data, forecasts, historical chart - was last updated on September of 2022.
Wheat is expected to trade at 823.32 USd/BU by the end of this quarter, according to 王者荣耀电竞(江西)积分排榜 global macro models and analysts expectations. Looking forward, we estimate it to trade at 913.89 in 12 months time.