Wheat prices soar as Black Sea supply drops, but Australia's higher output may balance the market.

Global wheat prices are rising due to expected decreases in Black Sea supply, but potential increases in Australian production could offset this. Western Australia's wheat supply is higher, affecting global prices. Analysts closely watch Australian harvests and farmer selling behaviors, advising eastern state growers to be more proactive in pricing to compete with Western Australia's stronger grain prices.

November 30, 2024
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