Wheat Prices Fall for Eighth Week
Data shows that wheat futures are heading toward the longest streak of weekly declines since 1997, while wheat prices have fallen amid increasing prospects of reaching a peace agreement between Russia and Ukraine, leading to a decrease in market risk premiums. Wheat futures have dropped to their lowest level in 11 weeks, declining by 4.7% over the week, despite a 1.1% rise on Friday. Additionally, demand for exports from some major exporting countries continues to decline, amid expectations of a record global output that will boost supplies. Furthermore, the reduction in cultivated areas, especially in Ukraine and Russia, could impact long-term production, even though near-term supply has improved thanks to harvests in Australia and Argentina.
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