Wheat price news

Here are some recent news articles and updates on wheat prices:

Current Wheat Prices:

• Chicago Board of Trade (CBOT) Wheat Futures:
  • March 2023 contract: $6.42 per bushel (up 0.5% from previous day)
  • May 2023 contract: $6.51 per bushel (up 0.5% from previous day)
• Kansas City Board of Trade (KCBT) Wheat Futures:
  • March 2023 contract: $6.35 per bushel (up 0.4% from previous day)
  • May 2023 contract: $6.44 per bushel (up 0.4% from previous day)
• European Wheat Prices:
  • EU wheat prices: around €220 per ton (up 1.5% from previous day)
  • UK wheat prices: around £170 per ton (up 1.2% from previous day)

Recent News and Updates:

• US Wheat Exports: The US Department of Agriculture (USDA) reported that US wheat exports for the 2022/23 marketing year were up 14% from the same period last year, driven by strong demand from countries like Mexico and South Korea. (Source: USDA)
• Russian Wheat Exports: Russia, the world's largest wheat exporter, has reported a 15% increase in wheat exports for the 2022/23 marketing year, driven by strong demand from countries like Egypt and Turkey. (Source: Russian Ministry of Agriculture)
• Australian Wheat Crop: Australia's wheat crop is expected to be down 10% from last year due to drought and heat stress, which could lead to higher prices and tighter supplies. (Source: Australian Bureau of Agricultural and Resource Economics and Sciences)
• Wheat Prices and Inflation: Wheat prices have been rising due to concerns over global supply and demand imbalances, as well as inflationary pressures. The International Grains Council (IGC) has forecast that global wheat prices will continue to rise in the coming months, driven by strong demand and limited supplies. (Source: IGC)
• Wheat Disease Outbreak: A fungal disease called wheat rust has been reported in several countries, including the United States, Canada, and Europe, which could impact wheat yields and prices. (Source: USDA)

Market Analysis:

• Bullish Sentiment: Wheat prices have been trending higher in recent weeks due to concerns over global supply and demand imbalances, as well as inflationary pressures. The market is expected to remain bullish in the coming months, driven by strong demand and limited supplies.
• Support and Resistance: The March 2023 CBOT wheat contract is currently trading around $6.42 per bushel, with support at $6.30 per bushel and resistance at $6.60 per bushel.
• Trading Range: Wheat prices are expected to trade within a range of $6.20 to $6.80 per bushel in the coming weeks, driven by supply and demand fundamentals and market sentiment.

Please note that wheat prices can be volatile and are subject to change rapidly due to various factors, including weather conditions, global demand and supply imbalances, and market sentiment. It's always a good idea to consult with a financial advisor or a commodity trading expert before making any investment decisions.