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Commodity Mid Session News

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(29 Jul 2024, 13:08)

Hot Commodities: Global wheat futures skid to four year low amid ongoing harvests

The wheat futures stayed slippery today, extending recent spell of weakness as global sentiments remained tepid. The benchmark US wheat futures eased towards $5 per bushel and currently trades down 1.10% at 5.17 per bushel. These are the lowest levels in last four years for the commodity. According to a latest update from the FAO, the decline in wheat prices mostly reflected seasonal pressure from ongoing harvests in the northern hemisphere. Slightly improved production prospects in some major exporting countries, including Kazakhstan and Ukraine, along with the implementation of a temporary import ban by Türkiye also contributed to the softer price tone. Wheat has been leading the drop in global grain prices. The FAO Cereal Price Index averaged 115.2 points in June, down 3% from May and 9% from its June 2023 value. Global export prices of all major cereals decreased month on month.
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