Wheat futures slipped to about $5.70 per bushel in early June, their lowest level since April 10, as expectations of ample global supply and muted demand continued to pressure prices. In Ukraine, agricultural consultancy APK-Inform raised its wheat production forecast to 21.7 million tons from 19.9 million tons, while Russia’s IKAR consultancy lifted its estimate to 91.5 million metric tons from 90 million tons.
Elsewhere, recent rainfall across previously parched farming regions in Australia has improved planting conditions and supported late-season wheat sowing. In the United States, better soil moisture in drought-affected wheat-growing areas, combined with the progressing winter wheat harvest, further bolstered expectations of strong supplies.
At the same time, heavy and persistent rainfall in key wheat-producing regions of China has raised concerns about crop quality and potential harvest delays. However, the adverse weather was largely anticipated, and any resulting damage is expected to be contained.
