Increase in global wheat prices
Mr. Dan Basse, President of AgResource Inc., Chicago
He said: In recent weeks, wheat futures prices in the US and the world have increased following the end of the harvest season and the market’s focus on what we call “global export demand”.
The head of AgResource stated: The US wheat crop in 2024 reached 1.972 million bushels, which is equivalent to 56 million metric tons.
The head of AgResource stated: The US wheat crop in 2024 reached 1.972 million bushels, which is equivalent to 56 million metric tons. This amount has increased by 170 million bushels or 4.6 million metric tons compared to last year. The average yield of wheat was a significant figure of 52 bushels per acre. We have had very favorable weather conditions in the United States. Note that US wheat crop estimates were updated, as usual, at the end of September.
He further said: Currently, the global wheat crop, at least in the Northern Hemisphere, is currently in its position, and our focus has now shifted to Argentina, Australia and the Southern Hemisphere. Wheat products of both countries will be very important. Argentinians are currently struggling with very dry weather conditions. According to the United States Department of Agriculture, the European Union wheat crop is 124 million metric tons, which is a decrease of 11 million metric tons compared to May, and this decrease occurred due to excessive rainfall.
