2023-09-19 14:24:18
Wheat prices decline despite Russian militancy and a decline in American exports
Wheat prices fell in futures contracts on the Chicago Stock Exchange today, Tuesday, by regarding $6 per metric ton to $585.75, despite the hardening of the Russian position towards renewing the grain agreement, the imposition of severe restrictions on Ukrainian ports, and the decline in American wheat exports.
The US Department of Agriculture reported that 367.3 thousand metric tons of wheat were exported during the week ending September 14, compared to 406 thousand metric tons last week, a decrease of 56% from the same week last year, according to data from the specialized American “PartChart” bulletin. In primary commodities.
Chinese customs data showed that it imported 840,000 metric tons of wheat for the month of August. Wheat futures fell at the beginning of the week between 11 and 13 cents per bushel, and spring wheat futures closed lower by between 10 and 11 cents per bushel.
Wheat prices are affected by the Ukrainian war and Russian attacks on the main ports of Ukraine, especially the main port of Adoysa, the main port for exporting grains. They are also affected by weather and environmental conditions.
According to the US Department of Agriculture, wheat consumption in the global wheat market in the past year 2022 alone reached $153.2 billion. This consumption is expected to increase in the forecast period 2023-2028 at a compound annual growth rate of 5.3%.
Wheat is the most widely grown crop in the world, plays a critical role in global food security and is a vital component of agri-food systems around the world.
China, India and Russia are the three largest wheat producers in the world. Together, the three countries produce more than 41% of global wheat production.
The countries that produced the largest amount of wheat witnessed a steady growth in their financial revenues, as they benefited in terms of income, especially following the crazy rise in prices following the Ukrainian war.
The average annual per capita consumption of wheat is 65.6 kg, which represents 37% of the average annual per capita consumption of cereals (excluding beverages) of 175 kg globally.
Wheat consumption exceeds 50 kilograms per capita annually in 102 countries, especially in regions such as North Africa, West and Central Asia and Europe, where dietary traditions adhere strongly to wheat.
Among regions, Asia stands out as the largest total consumer of wheat, accounting for 53% of global wheat consumption, followed by Europe at 26%, and regarding 10% each for the Americas and Africa. Middle- and high-income countries together represent regarding 68% of global wheat consumption.
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