The global wheat market update for July 29th, 2024, highlights several significant developments.
Russia’s early wheat harvest saw strong growth but slightly lower yields than last year, with a forecasted total of 84.2 million tons. Wheat exports, however, fell by 31.4%. In Brazil, delayed wheat planting due to poor rainfall threatens yields. Morocco faces a steep decline in production due to drought, increasing reliance on imports. The U.S. wheat harvest is progressing with varied yields, while Iraq made a record wheat purchase to bolster local production.
Ukraine and China face mixed weather impacts on yields, but China reports a production increase. Globally, wheat and corn production estimates have been revised upwards, potentially reshaping market dynamics.
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