Chicago Wheat Prices extended losses to below $7.3 per bushel in late January, the lowest since October 2021, tracking the decline of other grains as precipitation in major producer Argentina eased drought concerns and added to strong supply expectations from other producers.
In Russia, industry research leader Sovecon upwardly revised shipment projections for the world’s leading exporter by 200 thousand tonnes to 44.1 million for the current marketing year due to a record-breaking harvest and record-high stocks.
Also, another significant exporter Australia forecasted its crop to reach historical 42 million tonnes in the same period. Lastly, expanded farming land in India raised expectations that the current harvest would set a record and lead to a lifted grain export ban from New Delhi. Still, a pickup in export inspections out of the US limited losses