The price of wheat falls to its lowest level in 5 years as global supplies improve. #Urgent
Wheat prices fell today, Tuesday, for the fourth day in a row, heading towards their lowest closing level since 2020, amid expectations of improvement Crop supplies, and renewed trade tensions between the United States and China.
The price of wheat fell by 0.4% to $4.95 per bushel (a bushel is 27.2 kg), and soybeans decreased, while there was no significant change in corn.
According to "Hightower Report" For commodity research, the "Global demand is routine, and abundant global supplies mean that end users have no reason to buy heavily at this time.".
The agricultural consulting company filed "I will be" Its forecast for wheat production in Russia, the world’s largest exporter of wheat, while production in Argentina, another major supplier, is expected to match the record set in 2021-2022.
New tensions between China and the United States have put pressure on other crops such as wheat and corn.
And sparked a renewed dispute between China and the United States Fears of a decline in demand for American soybeans, as each party claims that the ball is now in the other’s court, with the two countries approaching another escalation in customs duties on imports.
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