European wheat supply decline drives global prices up, projecting lowest grain production since 2012.
Global wheat prices have risen due to a decline in European supply, with the European Commission forecasting the lowest grain production since 2012. Wheat exports from Europe are projected at 26 million tonnes, significantly less than USDA estimates. Despite ample crops in the U.S. and Black Sea regions, the global supply is tight, leading to increased international demand. Chicago wheat futures dipped as concerns of oversupply emerged, with corn and soybean prices also falling.
September 03, 2024
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