Wheat in the global market remains at $6.6 per bushel, which is the lowest price in the past two months and more than 13 percent lower than the highest price of $7.67 on August 28. The increase in Russia's wheat exports and expectations for a strong harvest in Australia are among the factors affecting the decline in prices in the market.
Impact of Naval Attacks on the Wheat Market
Traders have largely ignored the recent attacks in the Black Sea and have focused more on Russia's increased use of Baltic ports. This shift in Russia's export activities has occurred due to disruptions in operations at southern ports, many of which have been forced to suspend their activities.
Forecasts for Wheat Exports and Harvest
The company “Rosagrotrans” expects Russia's wheat exports to reach 3 million tons in October, indicating an upward trend in shipping volumes. Additionally, initial harvest assessments in Victoria, Australia suggest that the country may have a significantly larger wheat harvest compared to previous years, which could alleviate supply pressures for buyers in Southeast Asia and the Middle East.
However, dry conditions in some northeastern regions of Australia could harm production, and renewed attacks by Russia and Ukraine have impacted the Black Sea export outlook.
Overall, the state of the wheat market is influenced by various factors, including weather changes, global political and economic developments. In this context, the increase in Russia's wheat exports and improved harvests in Australia could lead to fundamental changes in global wheat prices.
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