A field of wheat on a farm in the Lisowice district of Torun, Poland, on Friday, Aug. 11, 2023. Some of Ukraines European neighbors, including Poland, are extending a ban on purchasing some of the countrys grain until mid-September, a move that risks fueling tensions between Kyiv and its allies. Photographer: Bartek Sadowski/Bloomberg The fact that exports have continued is one of the key reasons for the decline in prices, according to CRM Agricommodities. “Focus returned to Friday’s Wasde report, which was broadly viewed as somewhat bearish,” the consultant said in a a report.
Wheat has about 20% this year due to bumper harvests.
Prices were pressured on Tuesday by good crop conditions in spring wheat, robust harvest pace for US winter wheat and the overseas sentiment, said Jacqueline Holland, an analyst at Farm Futures
Plentiful Russian exports are “keeping global buyers well-stocked for the time being,” she said.
The USDA raised its estimate for Russian wheat exports to 48 million metric tons for the 2023-24 season. That means almost a quarter of the world’s trade will now come from Russia.