Expectations of a global surplus…wheat prices fall to their lowest level in a week

Wheat prices fell to their lowest level in about a week, with the The weatherin the US wheat-growing regions following a severe cold wave, which strengthened expectations of achieving a surplus in supply.

The decline in liquidity, due to the closure of most Asian markets on the occasion of the Lunar New Year, contributed to putting negative pressure on prices.

It witnessed Grain and oilseed markets, in general, were also down slightly, with Chicago May wheat futures down as much as 1.4% to $5.4075 a bushel. Corn and soybean prices also fell slightly.

The US Climate Prediction Center expects drier and warmer weather in most of the US plains and south, with above-average temperatures in parts of Texas and Oklahoma next week, strengthening the bearish indicators resulting from Global wheat surplus.

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