CBOT wheat prices went up supported by increased estimates of global consumption


During the reporting week (July 14-July 07) CBOT wheat futures went up (+2.33%), supported by July USDA WASDE report, in particular, increased estimates of global wheat consumption in the current season by 13.34 MMT to 729.34 MMT. USDA experts expect significant growth of wheat consumption for feed purposes, which is likely to compensate for a record high global production - 738.51 MMT (+7.68 MMT compared to June estimates). Wheat production estimates were raised for Canada, Australia, Argentina, the USA, Russia and Ukraine.

The further price growth was limited by weather factor – meteorologists forecasted that weather would be favorable to increase the US wheat harvesting pace, as it was last week owing to rainfalls reduction. US farmers have already gathered wheat from 66% of the intended area compared to 62% in 2015 (65% - the five-year average).

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