Chicago wheat futures traded around $7.3 per bushel, not far from an over eight-year high of $7.8 hit in early May, helped by a surge in demand in livestock feed in China, which has recently driven imports of grains. At the same time, commodity traders weighed reports of rainfalls across the American Great Plains and Europe, which has supported crop expectations for this year. According to the USDA, American farmers planted 70% of the planned wheat acres, ahead of both the average estimates of 69% and the 5-year average of 51%. The Department added that winter wheat was rated 49% good-to-excellent, up 1% from prior estimates. On top of that, wheat stocks were seen falling to 774 million bushels by June 2022, down 11.2% from a year earlier and the lowest since 752 million bushels in 2015.
Historically, Wheat reached an all time high of 1334.50 in February of 2008. Wheat - data, forecasts, historical chart - was last updated on May of 2021.
Wheat is expected to trade at 667.03 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 577.15 in 12 months time.