{"id":20670,"date":"2024-06-28T09:37:02","date_gmt":"2024-06-28T09:37:02","guid":{"rendered":"https:\/\/www.selinawamucii.com\/news\/?p=20670"},"modified":"2024-06-28T09:39:55","modified_gmt":"2024-06-28T09:39:55","slug":"global-wheat-prices-bow-to-harvest-pressure","status":"publish","type":"post","link":"https:\/\/www.selinawamucii.com\/news\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/","title":{"rendered":"Global wheat prices bow to harvest pressure"},"content":{"rendered":"\n<p>Global wheat prices retreated early July 28, 2024 at the Chicago Board of Trade amid harvest gains in the Northern Hemisphere.<\/p>\n\n\n\n<p>At 02:06 GMT, the strongest wheat contract in Chicago fell -0.2% &nbsp;to trade at $5.78 per bushel.&nbsp;<\/p>\n\n\n\n<p>In comparison, the price in Europe gained by 1.57 Euro ($1.68) to trade at<a href=\"https:\/\/markets.businessinsider.com\/commodities\/soybeans-price\"><u>&nbsp;227 a tonne&nbsp;<\/u><\/a>(6.17 Euro ($6.60)\/bushel).<\/p>\n\n\n\n<p>Even with the above rise, June 2024 has seen a\u00a015%\u00a0global wheat price drop,\u00a0the biggest\u00a0since summer 2022.<\/p>\n\n\n\n<p>Beginning early June, each metric tonne has lost $23.5 of its price, a trend that has coincided with\u00a0the American\u00a0harvest.\u00a0<\/p>\n\n\n\n<p>Analysts also expect a June 28 crop report by the U.S. Department of Agriculture (USDA) to be&nbsp;<a href=\"https:\/\/talkmarkets.com\/content\/commodities\/grains-report-wednesday-june-26?post=451870\"><u>bearish<\/u><\/a>&nbsp;on wheat.<\/p>\n\n\n\n<p>Indeed, the U.S. is in the midst of an intense summer wheat harvest in &nbsp;the Midwest, where<a href=\"https:\/\/www.selinawamucii.com\/news\/2024\/06\/17\/the-oklahoma-wheat-harvest-posts-good-yield-results-despite-rain-delay\/\"><u>&nbsp;yields are already up<\/u><\/a>. This has made USDA to revise its May wheat production projections upward in June by&nbsp;<a href=\"https:\/\/www.zawya.com\/en\/markets\/commodities\/wheat-set-for-biggest-monthly-drop-in-2-years-on-harvest-pressure-ju34jg67\"><u>17 million bushels<\/u><\/a>.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-countries-helping-price-slide\"><strong>Countries Helping Price Slide <\/strong><\/h3>\n\n\n\n<p>Outside North America, northern Argentina has lately experienced rains, which will favor the current sowing season and rally end-year supplies.<\/p>\n\n\n\n<p>Russia, on the other hand, is beginning the summer harvest, with origin prices here as low as&nbsp;<a href=\"#:~:text=This%20is%20almost%20a%20third%20less%20than%20in,of%20Russian%20wheat%20costs%20about%20%24231%20per%20ton.\"><u>$231 a tonne<\/u><\/a>. &nbsp;Though the Russian rate equals June 2023\u2019s, it has nevertheless helped the global price shed $2.5 a tonne this week. &nbsp;<\/p>\n\n\n\n<p>France and Germany are relatively better off as their June prices remains at strong $239 and $244 a tonne respectively.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.selinawamucii.com\/insights\/prices\/united-states-of-america\/wheat\/\"><u>U.S.\u2019 whea<\/u><\/a>t in its part has been selling at an average of $229 a tonne, at par with Russia.<\/p>\n\n\n\n<p>In short, geoographical and production factors have all contributed to the ongoing slight dip in global wheat prices. And as the following statistics reveal, it is not the first time a slump has happened on this scale.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-global-wheat-statistics\"><strong>Global Wheat Statistics<\/strong><strong><\/strong><\/h2>\n\n\n\n<p>Wheat is among the world\u2019s most traded goods and in 2022 it ranked 49<sup>th<\/sup>&nbsp;among all commodities in commerce trade. &nbsp;The total global wheat trade value reached<a href=\"https:\/\/oec.world\/en\/profile\/hs\/wheat\"><u>&nbsp;$73.3 billion<\/u><\/a>, a growth of 13.6% from the 2021 levels. In a nutshell, wheat commands a small fraction of the global trade volume at 0.31%.<\/p>\n\n\n\n<p><strong>What are the historical prices of whea<\/strong><strong>t<\/strong>?&nbsp;<\/p>\n\n\n\n<p>On May 13, 1968, wheat prices were at their lowest point in the last 50 years at<a href=\"https:\/\/www.macrotrends.net\/2534\/wheat-prices-historical-chart-data\"><u>&nbsp;$1.40&nbsp;<\/u><\/a>a bushel. The lowest slump in the 2000s was on August 7, 2000, when prices fell to $2.37 a bushel. The highest price in the past 50 years was $12.09 a bushel during COVID-19 on February 28, 2022.<\/p>\n\n\n\n<p><strong>Which&nbsp;<\/strong><strong>countries we<\/strong><strong>re the top exporters of wheat worldwide in 202<\/strong><strong>2<\/strong>?&nbsp;<\/p>\n\n\n\n<p>According to OEC data, Australia led world wheat exports in 2022 at<a href=\"https:\/\/oec.world\/en\/profile\/hs\/wheat\"><u>&nbsp;$10.2 billion<\/u><\/a>. The &nbsp;U.S., Canada, France and Russia followed suit at $9.21, $8.87, $8.09 and $5.88 billion respectively. &nbsp;<\/p>\n\n\n\n<p><strong>Which were the top<\/strong><strong>&nbsp;wheat-<\/strong><strong>exporting nations in 202<\/strong><strong>3<\/strong>?&nbsp;<\/p>\n\n\n\n<p>The rankings in 2023 changed, with Russia topping production at<a href=\"https:\/\/www.worldstopexports.com\/wheat-exports-country\/\"><u>&nbsp;$9.5 billion<\/u><\/a>, equal to 16% of the global volume. Australia came second at $9.33 billion (15.8% global share), then Canada at $8.8 billion (15%). The United States finished fourth at $6.1 billion (10.4%) while France made the top 5 at $4 billion (6.7%).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global wheat prices retreated early July 28, 2024 at the Chicago Board of Trade amid harvest gains in the Northern Hemisphere. At 02:06 GMT, the strongest wheat contract in Chicago fell -0.2% &nbsp;to trade at $5.78 per bushel.&nbsp; In comparison, the price in Europe gained by 1.57 Euro ($1.68) to trade at&nbsp;227 a tonne&nbsp;(6.17 Euro&#8230;<\/p>\n","protected":false},"author":3,"featured_media":20671,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.3 (Yoast SEO v20.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Global wheat prices bow to harvest pressure - Selina Wamucii | Food &amp; 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\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global wheat prices bow to harvest pressure - Selina Wamucii | Food &amp; Agriculture News\" \/>\n<meta property=\"og:description\" content=\"Global wheat prices retreated early July 28, 2024 at the Chicago Board of Trade amid harvest gains in the Northern Hemisphere. At 02:06 GMT, the strongest wheat contract in Chicago fell -0.2% &nbsp;to trade at $5.78 per bushel.&nbsp; In comparison, the price in Europe gained by 1.57 Euro ($1.68) to trade at&nbsp;227 a tonne&nbsp;(6.17 Euro...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.selinawamucii.com\/news\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/\" \/>\n<meta property=\"og:site_name\" content=\"Selina Wamucii | Food &amp; Agriculture News\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T09:37:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-28T09:39:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.selinawamucii.com\/news\/wp-content\/uploads\/2024\/06\/640px-A_close-up_image_of_wheat_grains.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.selinawamucii.com\/news\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/\",\"url\":\"https:\/\/www.selinawamucii.com\/news\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/\",\"name\":\"Global wheat prices bow to harvest pressure - Selina Wamucii | Food &amp; Agriculture News\",\"isPartOf\":{\"@id\":\"https:\/\/www.selinawamucii.com\/news\/#website\"},\"datePublished\":\"2024-06-28T09:37:02+00:00\",\"dateModified\":\"2024-06-28T09:39:55+00:00\",\"author\":{\"@id\":\"https:\/\/www.selinawamucii.com\/news\/#\/schema\/person\/8c0aad9a1f85037798080d75b4302cf8\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.selinawamucii.com\/news\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.selinawamucii.com\/news\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.selinawamucii.com\/news\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.selinawamucii.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Global wheat prices bow to harvest pressure\"}]},{\"@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":"Global wheat prices bow to harvest pressure - Selina Wamucii | Food &amp; 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\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/","og_locale":"en_US","og_type":"article","og_title":"Global wheat prices bow to harvest pressure - Selina Wamucii | Food &amp; Agriculture News","og_description":"Global wheat prices retreated early July 28, 2024 at the Chicago Board of Trade amid harvest gains in the Northern Hemisphere. At 02:06 GMT, the strongest wheat contract in Chicago fell -0.2% &nbsp;to trade at $5.78 per bushel.&nbsp; In comparison, the price in Europe gained by 1.57 Euro ($1.68) to trade at&nbsp;227 a tonne&nbsp;(6.17 Euro...","og_url":"https:\/\/www.selinawamucii.com\/news\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/","og_site_name":"Selina Wamucii | Food &amp; Agriculture News","article_published_time":"2024-06-28T09:37:02+00:00","article_modified_time":"2024-06-28T09:39:55+00:00","og_image":[{"width":640,"height":480,"url":"https:\/\/www.selinawamucii.com\/news\/wp-content\/uploads\/2024\/06\/640px-A_close-up_image_of_wheat_grains.jpg","type":"image\/jpeg"}],"author":"Timothy Wahome","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Timothy Wahome","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.selinawamucii.com\/news\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/","url":"https:\/\/www.selinawamucii.com\/news\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/","name":"Global wheat prices bow to harvest pressure - Selina Wamucii | Food &amp; Agriculture News","isPartOf":{"@id":"https:\/\/www.selinawamucii.com\/news\/#website"},"datePublished":"2024-06-28T09:37:02+00:00","dateModified":"2024-06-28T09:39:55+00:00","author":{"@id":"https:\/\/www.selinawamucii.com\/news\/#\/schema\/person\/8c0aad9a1f85037798080d75b4302cf8"},"breadcrumb":{"@id":"https:\/\/www.selinawamucii.com\/news\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.selinawamucii.com\/news\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.selinawamucii.com\/news\/2024\/06\/28\/global-wheat-prices-bow-to-harvest-pressure\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.selinawamucii.com\/news\/"},{"@type":"ListItem","position":2,"name":"Global wheat prices bow to harvest pressure"}]},{"@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\/"}]}},"_links":{"self":[{"href":"https:\/\/www.selinawamucii.com\/news\/wp-json\/wp\/v2\/posts\/20670"}],"collection":[{"href":"https:\/\/www.selinawamucii.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.selinawamucii.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.selinawamucii.com\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.selinawamucii.com\/news\/wp-json\/wp\/v2\/comments?post=20670"}],"version-history":[{"count":5,"href":"https:\/\/www.selinawamucii.com\/news\/wp-json\/wp\/v2\/posts\/20670\/revisions"}],"predecessor-version":[{"id":20676,"href":"https:\/\/www.selinawamucii.com\/news\/wp-json\/wp\/v2\/posts\/20670\/revisions\/20676"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.selinawamucii.com\/news\/wp-json\/wp\/v2\/media\/20671"}],"wp:attachment":[{"href":"https:\/\/www.selinawamucii.com\/news\/wp-json\/wp\/v2\/media?parent=20670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.selinawamucii.com\/news\/wp-json\/wp\/v2\/categories?post=20670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.selinawamucii.com\/news\/wp-json\/wp\/v2\/tags?post=20670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}