Global wheat price falls for fifth consecutive week

Global wheat price falls for fifth consecutive week
Photo: Alan Godfrey - Unsplash

Mediafax – Things are looking up in the global wheat trade, with the improvement in the access to Ukrainian grain shipments from the Black Sea helping to bring down prices for a fifth consecutive week. 

The US Department of Agriculture has improved its forecast for the global wheat trade, which it publishes on a monthly basis. The report confirms that a key reason for this improvement has been the Russian-Ukrainian agreement to allow the safe passage of grain exports via the Black Sea, which has contributed to a reduction in prices. Furthermore, a bumper wheat crop in Australia has also helped to push prices further down. 

Although there are fears that flooding in parts of Australia may affect the quality of their grain, Joe Nussmeir, a broker at Frontier Futures, tells Bloomberg that it’s not the “nightmare it looked like it could be last month”. 

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