Wheat prices fall eighth week consecutively

Wheat futures are heading toward their longest weekly decline since more than 25 years. This follows an increase at the beginning of the year due to export restrictions imposed by Ukraine and Russia, amid rising attacks on infrastructure in the Black Sea, one of the world's major wheat sources. With demand from some key exporting countries remaining subdued and Russia beginning to export larger quantities through alternative routes, prices have fallen significantly. Specifically, Chicago wheat futures declined by 4.7% this week, reaching their lowest level in 11 weeks. Demand has weakened, and future production has been affected by the start of harvests in Australia and Argentina. Nevertheless, global production is expected to be the second-highest on record, despite decreased planted areas in Ukraine and Russia.

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