On May 31, according to foreign media reports, the Chicago Board of Trade (CBOT) soft red winter wheat futures market closed sharply on Tuesday, with the benchmark period closing about 4.20% lower, the lowest level since December 2020, as U.S. wheat prices Too high to compete in the international market.
Traders said Russia’s high-quality and cheap wheat flooded the international market, leading to sluggish U.S. wheat export sales, which caused the CBOT benchmark wheat future to fall below the $6 mark for the first time since about December 2020.
The U.S. Department of Agriculture’s weekly crop progress report showed that as of May 28, the U.S. winter wheat had an excellent to good rate of 34%, higher than 31% a week ago and 29% in the same period last year, and higher than market expectations of 32%.
