News on July 10, according to media reports, after the sharp drop in the last week of June, the week ending July 7, 2023, global wheat prices showed a trend of shocks and consolidation.
The recent rainfall in the southern plains of the United States has slowed down the winter wheat harvest, and the continued dry weather in the spring wheat producing areas of North America has led to a decline in crop conditions. The prospects for the renewal of the Black Sea agreement are bleak, which will help wheat prices stabilize and rebound.
However, improving prospects for global wheat production continued to limit upside for wheat prices. The USDA will release a supply and demand report on Wednesday.
Analysts expect the USDA to raise its forecast for all U.S. wheat production in 2023/24 to 1.683 billion bushels, up from a June forecast of 1.665 billion bushels.
