Wheat prices are on an upward trend again. At the beginning of last week there was already a recovery in prices after a slide at the end of March.
Supporting news came at the end of the week in the US Department of Agriculture’s USDA grain report Wasde. The USDA’s monthly report shows that stocks will be slightly lower at the end of this season than previously thought. In particular, in China and India, inventory estimates have been reduced as a result of increasing consumption in those countries.
In the European Union, on the other hand, a larger stock is expected, this is due to exports not being as high as expected.
USDA is now targeting an export of 34 million tons. That is 3.5 million tons less than the forecast a month ago. Figures from the European Commission also show that wheat exports from the EU are slower than a year ago.
After this adjustment, the EU looks set to become the largest wheat exporter in the world this year. The export expectations of Russia have increased slightly and now come to 33 million tons. At the moment, wheat exports from Russia are also somewhat stronger than those from the EU.