CBoT wheat courses now at annual high

CBoT wheat futures prices are rising for the fourth consecutive session today. The weekly profit is already 6%. The fear of heat and drought in several major export nations limits the supply on the world market and pushes prices to a 1-year high.
Yesterday, prices reached their highest price since July 2017.
The anticipated production limitation of the global wheat harvest this season is currently digging into the consciousness of all market participants, writes Commonwealthbank's agricultural strategist in Australia. In New South Wales, Australia, wheat harvest will be 3.5 to 4.2 million tonnes smaller than the 5-year average of 7.1 million tonnes. Grave drought limited the yields.
In Germany, the country with the second largest wheat production in the EU, the wheat harvest in 2018 will be 20% smaller and only 36 million tonnes, according to the German Farmers Association.
Graphic: Saxo-Trader

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