Chicago wheat futures remained above $7.5 per bushel in the first week of May, a level not seen since early 2013, on the back of robust demand from the livestock sector and unfavourable weather in North America. The latest data showed China’s imports of grains like corn and wheat jumped in the first quarter amid a surge in demand for livestock products. Meanwhile, harsh weather in the Upper Midwest has raised concerns about the supply. Still, it was reported that 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 May of 2021.
Wheat is expected to trade at 729.44 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 631.15 in 12 months time.