Wheat Prices Volatile as Russia Continues Black Sea Attacks
US wheat prices remained volatile last week, making double-digit gains as Russia continued its attacks on foreign vessels in the Black Sea. The US Department of Agriculture will release its August supply/demand estimates on August 12, which analysts expect to show a decline in wheat production to 1.525 billion bushels, down 11 million from July.
Winter wheat production is projected to decrease by nine million bushels at 981 million, while spring wheat production would be down seven million bushels at 468 million. France's ag ministry reported that the country's soft wheat crop is expected to total 31.9 million tonnes, down 100,000 from the July estimate.
Soybean prices remained relatively stable, with November soybeans showing minimal losses and staying above their 50- and 100-day averages. Soybean-growing areas in the US have seen significant rainfall over the past few weeks, with 190% normal rainfall over the last seven days and 97% normal rainfall in the last 30 days.
Corn prices were unchanged, resting above their 50-day averages but below their 100-day averages. Corn-growing acres saw more than double normal rainfall over the past seven days, while 94% of normal rainfall was seen over the past 30 days.