Big Purchase
Between October and mid-December 2023, China purchased a massive amount of wheat, totaling 60 million bushels. This included a record-breaking weekly total of 55 million bushels. This unexpected development occurred when U.S. wheat prices had recently hit multi-year lows. Despite initial indications of a record-low year for U.S. wheat exports in 2023/24, China’s sudden purchases are expected to improve prospects in the face of strong competition from other exporting nations.
Why Now?
China, dealing with issues of wheat quality due to untimely rains during harvest season, is projected to be the top global wheat importer in 2023/24. This has led to increased global demand for affordable wheat.
Price Action
Market players ...Full story available on Benzinga.com
Related tickers: SOYB, WEAT.
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