FX.co ★ Wheat Prices Edge Down

Wheat futures have settled at approximately $5.20 per bushel, a slight decline from the one-month peak observed earlier. This retreat in prices comes as the market refocuses on the abundant global supply. While the U.S. Department of Agriculture has yet to release this week’s Crop Progress reports, analysts anticipate that winter wheat planting in the United States is approximately 84% complete, aligning closely with the historical average. Recently, a meeting held in South Korea between U.S. President Trump and Chinese President Xi resulted in a short-term trade truce, with China committing to increase purchases of U.S. agricultural commodities. Nevertheless, the absence of detailed information and the limited scope of this agreement have left investors unsatisfied, affecting market sentiment. Additionally, Russian consultancy SovEcon has revised its 2025 wheat production forecast for Russia upward to 87.8 million metric tons, attributing this to record yields in Siberia. In Argentina, wheat output is expected to reach 23 million tons, equalling the nation’s record harvest of 2021–22.