The Second Quarter of 2023 the US Wheat Prices Online

North America

Across the North American region, the Wheat Prices demonstrate a mixed market trend throughout the second quarter of 2023. The prices of Wheat in Canada improved slightly with the start of April, which was a result of a slight increase in domestic inquiries successfully catered by available stockpiles among the local merchants. However, mid of the second quarter again witnessed a significant dip in the prices of Wheat because of a decline in manufacturing activities supported by weakened Raw material prices purchased by manufacturers to produce various products, including Wheat. Moreover, as per May’s trend, the prices for energy and petroleum products fell for a fourth consecutive month in May 2023, leading to the monthly decrease in the IPPI (Industrial Product Price Index). Apart from that, as traders assessed a mixed weather outlook and tepid export demand, the prices for Wheat remained low throughout May with the settlement of USD 324/MT FOB Vancouver in Canada. Furthermore, towards the termination of Q2, the prices of Wheat started to rise, balancing the overall supply-demand market.

Asia Pacific

Wheat in the APAC region, primarily in the Indian market, demonstrated a decremented trend during the second quarter of 2023. At the start of the second quarter, the prices of Wheat continued to mimic the market trajectory of the previous month. One of the primary reasons behind the price decline includes excessive rainfall at the end of March and early April, when the wheat crop enters the vital grain-filling stage and gets ready for harvesting in April. This unseasonal rainfall has affected manufacturing activities, and the farmers focused on including manual labor to retrieve the production, owing to which the production capacity has reduced considerably. Moving towards the mid of the second quarter also, the prices of Wheat continued to remain on the south side. With this, the prices of Wheat across the Indian market were recorded at USD 281.97/MT Ex Bareilly in May. Besides this, the rupee has depreciated against the dollar in recent months, making imported goods more expensive. However, it also makes Indian exports more competitive in other countries, which additionally helped to boost exports and put downward pressure on prices.

Europe

Throughout the European region, the prices of Wheat followed a downward price trajectory during the second quarter. The operating rate continued to be witnessed a pessimistic trend even in April, and the demand for the wheat market was even weaker than the previous month. In addition, trade subjects continued to be bearish on the future market. Moreover, after Ukraine and Russia agreed to extend their deal and allow the export of grain from Ukraine Ports in the Black Sea, the prices of Wheat were reduced further in May. Energy markets and crude oil futures sagged, adding to bearish sentiments in grains. With this, the prices for Wheat in Russia were recorded at USD 253/MT FOB Novorossiysk and USD 213/MT FOB Odesa in Ukraine in the mid of the second quarter. Furthermore, the prices of Wheat in Russia and Ukraine continued to maintain their downward trend as a result of weak domestic inquiries successfully catered by available stockpiles among the local merchants until the end of June 2023.

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