{"id":19563,"date":"2023-12-08T14:09:41","date_gmt":"2023-12-08T14:09:41","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=19563"},"modified":"2023-12-08T14:09:48","modified_gmt":"2023-12-08T14:09:48","slug":"wheat-price-stays-put-as-china-drains-low-supplied-u-s-market","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2023\/12\/08\/wheat-price-stays-put-as-china-drains-low-supplied-u-s-market\/","title":{"rendered":"Wheat price stays put as China drains low-supplied U.S. market\u00a0"},"content":{"rendered":"\n

Three days since China bought record tonnage of\u00a0U.S. wheat\u00a0<\/u><\/a>\u00a0and prompted the price per bushel to hit $6.491\/2<\/sup>, price parity has returned.\u00a0<\/p>\n\n\n\n

Though the March wheat contract in Chicago lowered to $6.33\u00a01\/2\u00a0<\/sup>per bushel on December 7, it has stayed put. Comparatively, it is worlds apart from the late November low of\u00a0\u00a0$5.43\u00a01\/2<\/sup>\u00a0a bushel.\u00a0<\/u><\/a>\u00a0<\/p>\n\n\n\n

Since August, consistent wheat gains have cut off mid-2023 price fluctuations following surging world demand. China\u2019s purchases have added momentum to this stability. By December 5, China had booked around 1 million metric tonnes<\/u><\/a> of wheat, per the U.S. Department of Agriculture (USDA)\u2019s data. <\/p>\n\n\n\n

A day earlier on December 4, Chinese private firms contracted some 440,000 metric tonnes<\/u><\/a> of U.S. wheat.  At the time, this booking was the biggest such purchase since 2020. <\/p>\n\n\n\n

Heavy rainfall, which soaked local wheat fields just before the 2023 harvesting season prompted this feverish buying by China.<\/p>\n\n\n\n

Despite the export momentum, the supply situation within the United States is wanting.  USDA projects that foreign sales of U.S wheat will slump to 19 million tonnes for the 2023\/24 market year. This will be the lowest export figure in 52 years.<\/p>\n\n\n\n

The United States has witnessed a significant production drop in wheat, with the 2023 harvest among the lowest in 5 decades. <\/p>\n\n\n\n

A dry 2022-23 season in the U.S.\u2019 Midwest led to  low output in the fields this fall. Hard red winter wheat, which represents 40% <\/u><\/a>of all U.S wheat, plummeted by 10 million bushels <\/u><\/a>in September. This is the lowest output since USDA\u2019s recording began in the 1973-74 season.<\/p>\n\n\n\n

U.S\u2019 export figures, on the other hand, are hardly better than the production side.  Exports of wheat in November 2023 clocked 12.7 million metric tonnes but were 6% lower than in November 2022. <\/p>\n\n\n\n

This is why China\u2019s interest in U.S. soft red winter wheat has brought a sigh of relief to the American wheat industry. The private purchases began in October 3, 2023 with 220,000 tonnes followed by a second order of 181,000 a week later. <\/p>\n\n\n\n

On November 22, China bought a further 110,000 tonnes of soft red winter wheat. Because of diminishing domestic supplies, this spurred a price gain spree that culminated December 4 with the 1 million-ton record purchase.<\/p>\n\n\n\n

U.S. wheat prices are currently at an advantageous position following the cutting off  of Ukraine\u2019s supplies after a November 21 Odessa port <\/u><\/a>strike. The Russian attack led to scarcity in cereal exports and rebounded global wheat futures.<\/p>\n\n\n\n

Ultimately, world wheat prices<\/u><\/a> remain unpredictable, especially after France and Russia <\/u><\/a>reported impressive harvests in end 2023. <\/p>\n","protected":false},"excerpt":{"rendered":"

Three days since China bought record tonnage of\u00a0U.S. wheat\u00a0\u00a0and prompted the price per bushel to hit $6.491\/2, price parity has returned.\u00a0 Though the March wheat contract in Chicago lowered to $6.33\u00a01\/2\u00a0per bushel on December 7, it has stayed put. Comparatively, it is worlds apart from the late November low of\u00a0\u00a0$5.43\u00a01\/2\u00a0a bushel.\u00a0\u00a0 Since August, consistent wheat…<\/p>\n","protected":false},"author":3,"featured_media":18907,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"\nWheat price stays put as China drains low-supplied U.S. market\u00a0 - Selina Wamucii | Food & Agriculture News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.selinawamucii.com\/news\/2023\/12\/08\/wheat-price-stays-put-as-china-drains-low-supplied-u-s-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wheat price stays put as China drains low-supplied U.S. market\u00a0 - Selina Wamucii | Food & Agriculture News\" \/>\n<meta property=\"og:description\" content=\"Three days since China bought record tonnage of\u00a0U.S. wheat\u00a0\u00a0and prompted the price per bushel to hit $6.491\/2, price parity has returned.\u00a0 Though the March wheat contract in Chicago lowered to $6.33\u00a01\/2\u00a0per bushel on December 7, it has stayed put. Comparatively, it is worlds apart from the late November low of\u00a0\u00a0$5.43\u00a01\/2\u00a0a bushel.\u00a0\u00a0 Since August, consistent wheat...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.selinawamucii.com\/news\/2023\/12\/08\/wheat-price-stays-put-as-china-drains-low-supplied-u-s-market\/\" \/>\n<meta property=\"og:site_name\" content=\"Selina Wamucii | Food & Agriculture News\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-08T14:09:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-08T14:09:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.selinawamucii.com\/news\/wp-content\/uploads\/2023\/07\/640px-Barkhe_2014-e1689077716639.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"342\" \/>\n\t<meta property=\"og:image:height\" content=\"328\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Timothy Wahome\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Timothy Wahome\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.selinawamucii.com\/news\/2023\/12\/08\/wheat-price-stays-put-as-china-drains-low-supplied-u-s-market\/\",\"url\":\"https:\/\/www.selinawamucii.com\/news\/2023\/12\/08\/wheat-price-stays-put-as-china-drains-low-supplied-u-s-market\/\",\"name\":\"Wheat price stays put as China drains low-supplied U.S. market\u00a0 - Selina Wamucii | Food & Agriculture News\",\"isPartOf\":{\"@id\":\"https:\/\/www.selinawamucii.com\/news\/#website\"},\"datePublished\":\"2023-12-08T14:09:41+00:00\",\"dateModified\":\"2023-12-08T14:09:48+00:00\",\"author\":{\"@id\":\"https:\/\/www.selinawamucii.com\/news\/#\/schema\/person\/8c0aad9a1f85037798080d75b4302cf8\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.selinawamucii.com\/news\/2023\/12\/08\/wheat-price-stays-put-as-china-drains-low-supplied-u-s-market\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.selinawamucii.com\/news\/2023\/12\/08\/wheat-price-stays-put-as-china-drains-low-supplied-u-s-market\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.selinawamucii.com\/news\/2023\/12\/08\/wheat-price-stays-put-as-china-drains-low-supplied-u-s-market\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.selinawamucii.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Wheat price stays put as China drains low-supplied U.S. market\u00a0\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.selinawamucii.com\/news\/#website\",\"url\":\"https:\/\/www.selinawamucii.com\/news\/\",\"name\":\"Selina Wamucii | Food & Agriculture News\",\"description\":\"Discover the Latest in Food and Agriculture.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.selinawamucii.com\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.selinawamucii.com\/news\/#\/schema\/person\/8c0aad9a1f85037798080d75b4302cf8\",\"name\":\"Timothy Wahome\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.selinawamucii.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/636da6c8288b7dcaef01a42b50c3bc41?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/636da6c8288b7dcaef01a42b50c3bc41?s=96&d=mm&r=g\",\"caption\":\"Timothy Wahome\"},\"url\":\"https:\/\/www.selinawamucii.com\/news\/author\/twt4wahomegmail-com\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Wheat price stays put as China drains low-supplied U.S. market\u00a0 - Selina Wamucii | Food & Agriculture News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.selinawamucii.com\/news\/2023\/12\/08\/wheat-price-stays-put-as-china-drains-low-supplied-u-s-market\/","og_locale":"en_US","og_type":"article","og_title":"Wheat price stays put as China drains low-supplied U.S. market\u00a0 - Selina Wamucii | Food & Agriculture News","og_description":"Three days since China bought record tonnage of\u00a0U.S. wheat\u00a0\u00a0and prompted the price per bushel to hit $6.491\/2, price parity has returned.\u00a0 Though the March wheat contract in Chicago lowered to $6.33\u00a01\/2\u00a0per bushel on December 7, it has stayed put. 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