NAPERVILLE, Illinois, Sept 13 (Reuters) - Chicago wheat futures this week hit their lowest levels in almost three years, yet relative to demand, exportable global wheat supplies are expected to approach historic minimums by mid-2024.
Russia’s early 2022 invasion of Ukraine sent wheat prices to new highs as the two countries account for nearly 30% of global exports.
Wheat stocks-to-use in major global exportersThe distinction between global stocks and stocks among exporting countries is important because top wheat grower China carries about half the world’s supply but trades a relatively small amount.
A 13.5% stocks-to-use is the second lowest on record behind 13.1% in 2007-08, another extremely volatile time for wheat prices.
A year ago, exportable wheat stocks-to-use were predicted to reach 15-year lows by mid-2023, and two years ago, mid-2022 was expected to feature all-time lows.
Persons:
Karen Braun
Organizations:
U.S . Department of Agriculture, European Union, USDA, Reuters, Thomson
Locations:
NAPERVILLE , Illinois, Chicago, Ukraine, China, Argentina, Australia, Canada, UKRAINE, Russia, Black