Wheat Prices Surge Ahead of Updated US Production Estimates

Global wheat futures closed higher on Friday, August 7, while corn prices in Chicago remained virtually unchanged and soybean futures edged lower. The surge in wheat prices was driven by expectations ahead of updated U.S. production estimates due from NASS on August 12.

Analysts surveyed by Reuters expect U.S. wheat production to be around 1.525 billion bushels, down 11 million bushels from the July estimate. Winter wheat production is forecast at 981 million bushels, while spring wheat output is expected at 468 million bushels.

However, U.S. wheat export figures remain relatively weak, with total sales since the beginning of the marketing year reaching 7.277 million tons, down 29% from the same period last year.