Wheat Prices

Wheat Prices March 2024

Wheat prices in Canada for Q1 2024 closed at 237 USD/MT. Canada's wheat market struggled with declining prices, impacted by a stronger Canadian dollar and rising shipping costs, making exports less competitive. High supply levels and reduced demand, both locally and globally, resulted in a bearish outlook and subdued market activity.

The price trend for wheat in India for Q1 2024 reached 292 USD/MT in March. India's wheat market in Q1 2024 saw prices decrease after an initial rise due to increased food industry demand. Sufficient stock levels, currency appreciation, and subdued regional demand led traders to reduce prices to clear inventories, creating a challenging environment with ample supply and lower consumption.

The price trend for wheat in Russia for Q1 2024 reached 205 USD/MT in March. The Russian market in the first quarter of 2024 faced price declines, driven by severe weather disruptions and logistical issues. Reduced requirement from major import regions, currency devaluation, and increasing freight costs further pressured prices. Increased stockpiles and muted trade activity led to a generally negative market outlook.

Wheat Prices September 2023

Wheat prices reached 247 USD/MT in September 2023 in Canada. September 2023 saw no change in inflation, but analysts predict that in the near future, pricing pressures will gradually lessen. The sustained decline in wheat exports and prices was driven by reduced demand from important trade partners and competitive logistics. Additionally, the surplus in the domestic market resulted from extra beginning stocks in major corn-growing regions.

Regional Coverage

The report provides a detailed analysis of the market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of FOB and CIF prices, as well as the key factors influencing the wheat price trend. 

Global Wheat Price

The report offers a holistic view of the global wheat pricing trends in the form of wheat price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price levels but also provides insights into wheat historical price, enabling stakeholders to understand past fluctuations and their underlying causes. The report also delves into wheat price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed wheat demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Wheat Price

Q2 2024:

The wheat market across Europe, with a focus on Ukraine, saw a substantial price rise in Q2 2024, determined by unfavorable weather and supply chain disruptions. Severe droughts and frosts across Europe, notably in Ukraine, led to poor crop yields and depleted stockpiles. Conditions deteriorated due to damaged export infrastructure and plant closures, creating distribution bottlenecks. As global demand rose, prices soared, especially in Ukraine, where increased production prices and reduced yields added pressure. The quarter ended with a strong upward price trend, reflecting supply constraints as the dominant force in the market, despite uncertainties. 

Q1 2024:

The European wheat market, especially in Russia, experienced a downward trend in Q1 2024, marked by declining prices and subdued market sentiment. Initial price increases were directed by enhanced trading operations from Russia, but harsh frosts and supply chain difficulties, including storms in Black Sea ports, caused upheaval in the market. As February progressed, weaker demand from major areas such as North Africa as well as Southeast Asia, along with the drop in the Ruble and Euro's worth, further pressured prices downward. Rising freight costs and increased stockpiles also led to a muted market. The quarter ended with a negative outlook, shaped by these ongoing challenges and competitive dynamics.

Q3 2023:

The European wheat market saw uncertainty in the third quarter as a result of the withdrawal of Russia from the Black Sea Grain Agreement. The disruption of supply networks and subsequent increase in commodity prices intensified the risks of inflation. Local food costs in developing countries rose considerably due to currency devaluation against the US dollar. Notwithstanding worries about diminishing yields, Russia's excess supply contributed to the stabilization of wheat prices in the area.

Detailed price information for wheat can also be provided for an extensive list of European countries.

North America Wheat Price

Q2 2024:

In the second quarter of 2024, the wheat market in North America faced significant volatility but ultimately saw an upward trend. The quarter started with price declines due to large supply forecasts from key suppliers and strong overseas exports, influenced by a strong dollar and reduced demand from flour mills. Halfway through the quarter, rates rebounded owing to unfavorable weather conditions, international conflicts, and concerns over a potential rail strike affecting supply chains. Despite these factors, rates declined again by June due to seasonal harvest pressures and high inventories. Over the course of the quarter, fluctuating conditions resulted in reduced profit margins as well as brought attention to the multifaceted aspects of the  market.

Q1 2024:

During Q1 2024, the wheat market faced considerable difficulties, characterized by declining prices due to multiple factors. Economic concerns in China, a major wheat importer, and declines in domestic livestock industries contributed to reduced demand. Furthermore, reduced rates from numerous other wheat-exporting regions, such as Russia with unprecedented shipments from the Black Sea region, further pressured the market. The Canadian wheat market was particularly affected, with an appreciated Canadian dollar and escalating shipping expenses making wheat more expensive for global buyers. Even with sufficient supply, diminished trading activity resulted in a downward trend, driven by decreased demand and changing consumer tastes.

Q3 2023:

Wheat prices fell dramatically in North America during the third quarter of 2023, which was attributed to favorable growing conditions and a successful harvest in Canada. Excessive supply caused exports to soar and domestic stocks to rise. However, due to high temperatures and insufficient soil moisture, worries were raised over the quality of wheat and its viability for export. Price discovery was difficult due to low market liquidity and disinterested traders.

Specific wheat historical data within the United States and Canada can also be provided.

Middle East and Africa Wheat Price

The report explores the wheat pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on wheat prices for countries can also be provided.

Asia Pacific Wheat Price

Q2 2024:

The Asia Pacific wheat market experienced a downward trend in Q2 2024, despite a mid-quarter price rebound. Early in the quarter, prices fell due to delayed harvests and traders holding back stock amid Indian elections. This cautious approach by market participants led to weakened procurement. Although a slight price increase occurred in May and June due to a slight increase in regional demand and depreciating currency, general market outlook stayed negative. The supply side continued to exceed demand, maintaining a challenging pricing environment for the wheat market in the region throughout the quarter. 

Q1 2024:

In Q1 2024, wheat prices in the Asia Pacific region, especially in India, saw a general decline despite an initial increase driven by rising interest from food manufacturers. This early optimism was tempered by sufficient stock levels among traders and merchants expecting the arrival of latest crops, leading to price reductions to clear existing inventories. The Indian rupee’s strengthening against the dollar and reduced demand from neighboring markets added further pressure. With ample supply and traders focusing on destocking, market sentiment remained cautious. Overall, the wheat market in India was negatively impacted by low demand, abundant inventories, and reduced consumption.

Q3 2023:

Wheat prices in the Asia Pacific area fluctuated throughout the third quarter of 2023, particularly in the Indian market. A heatwave originally caused prices to drop, disrupting transportation and corporate operations. Discussions with Russia attempted to reduce food inflation even in the face of inadequate demand from downstream sectors. August had a minor increase in prices, while September saw a considerable decrease due to higher product supply and lower demand.

This wheat price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Wheat Price

The analysis of wheat prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, agricultural output, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Wheat Price Trend, Market Analysis, and News

IMARC's latest publication, “Wheat Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2024 Edition,” presents a detailed examination of the wheat market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of wheat at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents a detailed wheat price trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting wheat pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.

Wheat Market Analysis

The global wheat industry size reached US$ 48 Billion in 2023​. By 2032, IMARC Group expects the market to reach US$ 72 Billion, at a projected CAGR of 4.60% during 2023-2032.

• Wheat is a staple crop that is essential to the diets of a large proportion of the global population. Wheat and other essential grains are in higher demand as the population grows, particularly in emerging nations. As per the United Nations (UN), the global population reached 8.0 billion in mid-November 2022. Forecasts indicate that the global population will increase by around 2 billion people over the next thirty years, from the present 8 billion to 9.7 billion by 2050. In addition, projections suggest that the population might reach a peak of around 10.4 billion people.
• Wheat is used to produce bread, pastries, and other bakery goods due to its high gluten content, which provides dough elasticity and strength. In 2023, the market for bakery products worldwide was valued at US$ 515.9 billion. The IMARC Group projects that the market will reach US$ 692.9 billion in 2032. Additionally, wheat is processed to make flour for biscuits, cakes, and cookies. Wheat is also utilized to make cereals, pasta, noodles, and couscous. Its derivatives, such as wheat germ and bran, are incorporated into health food products, appealing to health-conscious individuals. In addition, the growing demand for ready to eat (RTE) products among individuals with busy lifestyles is driving the demand for wheat for various edible items. The market value for RTE food globally was US$ 181.5 Billion in 2023 and it is expected to reach US$ 262.4 Billion by 2032, as per the IMARC group.
• The increasing employment of wheat to produce biofuels, mainly ethanol, is contributing to the growth of the market. Countries promoting renewable energy sources are increasingly turning to biofuels as an alternative to fossil fuels, which involves using wheat as a feedstock. Moreover, wheat-based ethanol is considered a renewable resource that can help to reduce carbon emissions. According to the U.S. Bioenergy Statistics by USDA, in 2022, the United States produced around 15.4 billion gallons of ethanol and 3.1 billion gallons of biodiesel and renewable diesel combined.

Wheat News

The report covers the latest developments, updates, and trends impacting the global wheat industry, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the wheat price trend.

Latest developments in the wheat industry:

• March 30, 2023: Allied Pinnacle, a flour and bakery manufacturer, has obtained exclusive rights to mill the high-fiber HAW1 wheat in Australia, which will be commercially available this year and offers up to six times more fiber than regular flour. The HAW1 variety, developed by Arista Cereals through a joint venture between CSIRO and Limagrain, is being grown in Victoria and southern New South Wales. This initiative involves a closed-loop arrangement with Australian growers, ensuring a premium return for the specialty wheat despite slightly lower yields compared to standard milling grades.
• June 13, 2023: Bunge Limited announced a definitive agreement to merge with Viterra Limited, a Jersey-based company, along with affiliates of Glencore PLC, CPP Investments, and BCI. This stock and cash merger is expected to create a leading global agribusiness company, enhancing its global network, diversifying across geographies, crops, and seasonal cycles, and improving risk management and resilience.

Product Description

Wheat is a cereal grain widely cultivated, serving as a staple food. It includes several types, such as common wheat, durum wheat, and spelt, each with distinct properties suited for different culinary purposes. It is a rich source of carbohydrates, which provide energy, and protein, essential for muscle growth and repair. It also contains fiber for digestive health, as well as vitamins and minerals like B vitamins, iron, and magnesium.

Additionally, wheat serves as a versatile ingredient in various cuisines worldwide, utilized to make bread, pasta, noodles, pastries, and breakfast cereals, among other foods. Its advantages extend beyond basic needs as wheat farming is vital for agricultural economies, supporting food security while offering farmers a means of subsistence.

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of wheat pricing, covering global and regional trends, spot prices at key ports, and a breakdown of FOB and CIF prices.
• The study examines factors affecting wheat price trend, including input costs, supply-demand shifts, and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The wheat price charts ensure our clients remain at the forefront of the industry.