Wheat Prices

Wheat prices averaged USD 551 cents per bushel in November, down 5.8% from October. On 29 November, the commodity traded at USD 532 cents per bushel, down 6.7% from 31 October.

The U.S. dollar’s recent strengthening largely dampened prices in November. Improving weather and crop conditions in the U.S. were also bearish for prices as they bode well for production. Meanwhile, the USDA largely maintained its supply and demand estimates for 2024/25 in its latest WASDE report That said, rising tensions between Russia and Ukraine and renewed threats of supply disruptions provided support to prices later in the month.