Chicago Wheat Price dropped to $7.35 per bushel, a level not seen since December 9th, amid signs of strong supply and lower demand.
Agribusiness economist at National Australia Bank said that wheat production is expected to rise a record 42 million tonnes.
In December, the Australian Bureau of Agricultural and Resource Economics estimated wheat production in the world’s second-largest exporter of grain, at 36.6 million tonnes in the 12 months to June 30, 2023.
The USDA on Monday reported weekly grain export inspections for wheat near the low-end of a range of trade estimates. On the demand side.
The latest WASDE report revised its world consumption projections downwards by 1.6 million tonnes to 789.5 million for the current marketing year, mainly due to lower feed and residual usage in the EU and Ukraine
