Chicago: wheat skyrocketed to above $10.6 per bushel before bottoming around the $10.3 level after a government report showed stockpiles were much lower than expected in the US, the world’s biggest exporter.
Wheat stored in all positions on March 1, 2022, totalled 1.025 billion bushels, down 22% from a year ago and below market expectations of 1.045 billion bushels, the US Department of Agriculture said
Still, wheat prices remained well below 14-year highs of $12.4 per bushel after the war in the region interrupted shipping from the Black Sea.
New data indicated that India, the world’s second-largest producer, could set a record amount of wheat exports in the coming year, while improved conditions for Kansas winter wheat to be harvested soon also led to higher supply prospects. In March, the commodity rallied almost 15% and is now on track for a second consecutive monthly gain.