Wheat prices in Chicago are close to the highest since 2013

Wheat futures in Chicago are moderately lower on Monday after rising to an eight-and-a-half-year high last week amid concerns over dwindling supply from exporting countries.

On Monday, the Russian agency SovEkon downgraded the forecast of the wheat harvest in the Russian Federation in 2021 by 0.3% to 76.2 million tons.

Last week, the United States Department of Agriculture (USDA) lowered its forecast for global wheat production in the 2021/22 season, noting unfavorable weather conditions for crops in Russia, Canada, and the United States.

“Concerns about the size and quality of the wheat crop are in several leading regions, and it that there is a narrower-than-expected supply of wheat in the world,” said Matt Ammermann of StoneX.

The most active wheat futures on the Chicago Mercantile Exchange fell 0.4% to $ 7.5850 a bushel. On Friday, the price peaked since February 2013 at $ 7.7475 a bushel.

On the European exchange Euronext, wheat futures fell 1.5%. On Friday, they renewed a record since December 2012.

The cost of soybeans in Chicago rose 0.2%, corn futures lost 0.9%.