Wheat Futures Touch 5-Year Low
Wheat futures have fallen below $5 per bushel, marking their lowest point since mid-August 2020. This decline is attributed to an ample global supply and diminishing demand. Notably, a significant Russian export is anticipated to increase shipments from the Black Sea region. Concurrently, Australia's forthcoming harvest is expected to significantly exceed average levels. In Europe, Germany's agriculture ministry forecasts a 26% increase in winter wheat production this year. Furthermore, recent rainfall has improved the outlook for wheat planting in the Northern Hemisphere following summer drought conditions. Meanwhile, the oilseed market is under pressure due to ongoing concerns about weak demand from China, exacerbated by unresolved trade tensions between Beijing and Washington.
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