Wheat Prices

Wheat prices averaged USD 585 cents per bushel in October, up 1.7% from September. On 31 October, the commodity traded at USD 571 cents per bushel, down 2.3% from 30 September.

Supply woes drove the second consecutive month of rising prices. The U.S. winter crop is facing one of its worst starts in nearly 40 years, with the USDA estimating that only about 40% of newly planted wheat is in good-to-excellent condition. Moreover, dry weather in the Americas and the Black Sea region boded ill for plantings and crops. However, a stronger USD amid expectations of a Trump victory in the U.S. presidential elections plus recent rains in the U.S. and Argentina cooled prices in late October.