Bumper harvests in parts of the Northern Hemisphere reduce tensions in the Black Sea region.
Wheat prices are falling at the fastest rate in 14 years, despite fighting in Ukraine and the shutdown of the Black Sea grain corridor. Bloomberg reported this on Friday, September 29.
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Wheat is set to face its worst quarterly loss in 14 years as bumper harvests in parts of the Northern Hemisphere ease tensions in the Black Sea region.
Futures on the Chicago Board of Trade have declined about 11% over the past three months and are down for the fourth quarter in a row. Although Moscow pulled out of an agreement in July that allowed Ukraine to export its grain, large volumes of supplies are keeping prices down. Russia is one of the countries that recorded a bumper harvest.
“The events at the beginning of the conflict in Ukraine showed that the whole world these days has a way of getting grain to people who need it. This could be a new, low level of wheat prices,” said said Michael, head of agribusiness analysis at ANZ Group Holdings. Whitehead.
According to Bloomberg, this morning wheat futures for December delivery rose 0.4% to $5.81 a bushel in London. At the same time, futures fell in price by more than 3% throughout the month.
Earlier it became known that in Ukraine the harvest of early grain grain is breaking records. Thanks to the favorable weather, the numbers were exceeded not only in the past, but also in the record year 2021.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.