Commodities Buzz: Worries About US Harvest Caps Downside In Global Wheat Futures

2 Dec 2022 , 12:11 PM

Modest support is emerging in global Wheat futures as markets are eyeing the developments on the US output front. The global wheat futures slipped recently amid hopes of an elevated output. The US Wheat futures are currently trading down 1% at $7.75 per bushel- lingering around three month low. The commodity saw accelerated losses despite mixed cues from the US dollar and mostly steady equities. The International Grains Council (IGC) sees global Wheat output at 791 mt in 2022-23, up from 781 mt in 2021-22. However, media reports are stating that a widespread and worsening drought in the United States could limit output of winter wheat. The worst conditions for winter wheat are currently found in Plains states that suffered the largest losses among corn and sorghum crops, as well as the previous winter wheat harvest. Powered by Commodity Insights