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Internationally Wheat Drops to 7-Month Low

WHEAT : Chicago wheat futures retreated to below $7.5 per bushel in mid-August, the lowest since January amid strong supplies from major growing regions.

Vessels carrying Ukrainian grain continued to operate smoothly after the UN brokered a deal between Russia and Ukraine for safe trade corridors to alleviate the global food crunch.

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.

Elsewhere, forecasts of rain on the US grain belt eased worries that hot and dry weather would hamper the crop. In the meantime, the USDA upwardly revised global supplies in its latest WASDE report, supported by record production expectations for Russia and a larger output for China and Australia.

US supply outlooks were also revised higher, as strong spring wheat more than offset the reductions in winter and durum wheat.

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