Wheat Prices Surge Amid Russian Attacks, Soybeans Weather Rainfall
US wheat prices continued their volatile trend on Friday, making double-digit gains amid Russia's ongoing attacks on foreign vessels in the Black Sea. Analysts expect the US Department of Agriculture (USDA) to estimate wheat production at 1.525 billion bushels in its August supply/demand estimates, down 11 million from July.
The USDA will release its August estimates on August 12. France's agriculture ministry has projected a soft wheat crop total of 31.9 million tonnes for the country, down 100,000 from the previous estimate.
In other grains, soybean futures were relatively stable, with November contracts showing minimal losses and remaining above their 50- and 100-day averages. Soybean-growing areas in the US have seen above-normal rainfall over the past week and month, which could impact production estimates.