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by Reuters – US wheat futures recently dropped to around $6.2 per bushel, down from a near-four-month peak of $6.4 recorded on December 7th. This decline indicates a potential 20% decrease over the year, mainly due to plentiful supplies from leading global producers and exporters. The latest WASDE report from the USDA revised its global supply forecast upwards for the current marketing year.
This adjustment follows previous reports that predicted ample production, with increased output from Australia and Canada making up for a lower yield in Brazil. Furthermore, the report suggests that Russia is on track to produce about 90 million tonnes this marketing year, just 2 million tonnes short of last year’s record. This production rate is likely to ensure an all-time high foreign sale availability of 50 million tonnes, making Russia the world’s largest wheat exporter.
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