Global Wheat Prices Take a Hit as US, Ukraine Exports Slump

Wheat prices have been under pressure in recent weeks due to a decline in agricultural futures and weak demand from importers. According to data, wheat quotes on world exchanges fell by 1.5-2.2% against the backdrop of a general decline in US agricultural futures and a lack of improvement in the trade agreement with China.

The prices have lost 4.5-6.3% in a week and 7.6-12.8% in a month, gradually giving back gains since late August. The global wheat balance is also favorable, adding to the pressure on prices.

US exports of wheat fell 8.6% to 310,600 tonnes between September 17 and 24, down 64% from a year earlier. Ukraine's wheat exports have also been lower than expected, reaching 801 thousand tons in 25 days of September compared to 1.52 million tons last year.

The main destinations of Ukrainian supplies in September were Algeria, Egypt, Turkey, Italy, and Spain. Russia's wheat exports as of September 25 amounted to about 6 million tons, down almost 50% from a year earlier.