Wheat Price OutlookWheat prices were fairly flat month-on-month, after trending higher in early May on slow progress for both the winter and spring wheat crops due to cold weather. In addition, the quality of U.S. winter wheat is well below last year’s following a prolonged drought in key producing states. However, a 11 May USDA report pointed to ample global supply, and revised up the estimate for U.S. ending stocks in 2017/2018, causing prices to retreat. On 11 May, wheat traded at USD 495 cents per bushel, which was up 0.8% from the same day last month. The price was 14.5% higher on a year-to-date basis and was up 19.2% from the same day last year. Looking ahead, wheat prices are likely to increase marginally from their current levels as global demand rises due to greater food and industrial usage. In addition, global output is likely to dip slightly in 2018/2019, partly driven by a decline in Russian production following a bumper harvest in 2017/2018, as well as lower production in the EU.
Wheat Price History Data (USD cents per bushel, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Wheat Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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