Wheat Approaches 6-Month Low

Wheat : Chicago wheat futures dropped to $7.6 in August, approaching the six-month low of $7.5 touched earlier in the month and trading below levels prior to Russia’s invasion of Ukraine, as the continuance of grain shipments out of Black Sea ports cemented hopes that Ukrainian seaborne wheat exports will restart in September.

Vessels carrying Ukrainian grain returned to activity after a deal between the Ukrainian and Russian delegations allowed safe trade corridors to alleviate the global food crisis. Should trade proceed smoothly,

Ukraine is expected to sell over 20 million tonnes of grain reported to be accumulated in port silos since its invasion started on February 24, while also clearing much-needed stockpile space for the coming wheat harvest. Meanwhile, forecasts from the USDA point to the largest decline in global demand in years, as soaring inflation dented demand. In the US, supply, exports, and ending stocks are set to rise