Wheat futures rose to above 600USD/BU getting closer to a 6-1/2-year high of 632.75USD/BU hit on October 23rd, on expectations of stronger demand for US crops after Russia announced a 25€/tonne tax on its exports from February 15th until June 30th to stabilize domestic food prices. Wheat has been supported this year by reduced production amid dry weather in key exporting nations in particular the US, Russia and Ukraine, along with strong demand for basic foodstuff in the wake of the coronavirus pandemic. Meanwhile, wheat demand from China is expected to remain strong, adding pressure to prices.
Historically, Wheat reached an all time high of 1334.50 in February of 2008. Wheat - data, forecasts, historical chart - was last updated on December of 2020.
Wheat is expected to trade at 578.41 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 500.47 in 12 months time.