Global Wheat futures are soaring following the deep losses seen earlier in the year. Chicago wheat futures have been on a falling spree but worries over overall grain crop globally seem to be lifted up the sentiments now. Wheat futures have neared $6 per bushel mark now, testing highest level in two months. The commodity currently quotes at $5.95 per bushel, up around 1.36% on the day. Wheat futures fell 21% in last year, marking the largest annual drop since 2013. Grain prices fell in general amid elevated crops in Brazil, the US, and Russia.

The International Grains Agency or IGC has noted in a latest monthly update last week that because of a downgraded outlook for maize, the forecast for 2023/24 total grains (wheat and coarse grains) production is cut by 3 million (m) t m/m (month-on-month), to 2,301m. Consumption estimate is raised by 3m t m/m, mostly on an upward adjustment for wheat. With smaller supply and increased uptake, the projection for closing stocks (aggregate of respective local marketing years) is lowered by 8m t, to 591m. The outlook for trade is lifted again, now seen at a three-year peak.

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