Chicago wheat futures rose to over a one-month high of $6.5 a bushel, amid concerns about production prospects in the US and Europe due to dry soils. Meantime, latest data showed China’s imports of grains like corn and wheat jumped in the first quarter on the back of strong demand from the livestock sector. In the US, farmers plan to sow 46.358 million acres with wheat this year, beating market expectations of 44.971 million.
Historically, Wheat reached an all time high of 1334.50 in February of 2008. Wheat - data, forecasts, historical chart - was last updated on April of 2021.
Wheat is expected to trade at 620.34 USd/BU by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 536.75 in 12 months time.