Chicago wheat futures are now trading broadly unchanged from yesterday's closing price, but the market is poised for its biggest weekly decline in nearly three months on the prospect of a bumper crop in Australia.
Soybeans are gaining ground while corn prices are barely changing.
Wheat prices have skyrocketed in recent weeks as the possibility of further Russian export restrictions and the risk of rain damage to Australia's crops have fueled fears over short wheat supplies.
However, global delivery worries have weakened in the last few days due to signs of a stabilizing US harvest and Australia's most important agricultural market analyst ABARES revised its official estimate for the 2021/22 harvest to a record value of 34.4 million tons.
Saudi Arabia said it was looking for 535,000 tons of wheat in a tender after Egypt had already bought 600,000 tons in its largest purchase in years on Monday. Tunisia and Jordan also made acquisitions.
Source
Hansa Terminhandel GmbH