Wheat Futures PricesWed, Jul 27th, 2016
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Wheat futures are slightly higher at midday. The potential for a record Russian wheat production is pressuring the US wheat markets as it would presumably be followed by record exports. Average Russian yields are running at 61.9 bu/ac, compared to 49.1 bu/ac at this time last year. In Ukraine, average yields are currently 58.3 bu/ac with 63% of the crop harvested, up from 53.9 bu/ac at this time last year. UkrAgroConsult upped their 2016/17 Ukrainian wheat production estimate by 1.5 MMT to 24.8 MMT (USDA: 25 MMT). The ag attache in the EU predicts that EU wheat production in 2016/17 will be 154.5 MMT, down from the official USDA estimate of 156.5 MMT. Post’s EU export estimate of 30.5 MMT is down 3.5 MMT from the official USDA projection. Orama, a grain growers group in France, expects local wheat production to be 30 MMT this year.
InsideFutures Grains News
Due to grow seasons and seasonal fluctuations in wheat supply and demand, wheat futures tend to be highest from August through September, and lowest from January through May. These are not guaranteed trends, however, so traders of wheat futures must stay abreast of fluctuations in wheat prices and wheat quotes. Our up-to-date wheat futures table provides a summary of wheat prices with links to wheat quotes.