Wheat Prices

Wheat prices averaged USD 535 cents per bushel in November, up 4.7% from October. On 28 November, the commodity traded at USD 531 cents per bushel, down 0.6% from 31 October.

In November, wheat prices edged up from October following the China-U.S. trade truce last month, which led to China’s first U.S. wheat purchase in over a year. Moreover, a worsening drought in the U.S. Midwest cast doubt on the upcoming crop. Still, wheat traded close to its year-to-date average price level on a strong supply outlook: In mid-November, the U.S. Department of Agriculture hiked its projections for global supply, which should continue to vastly outpace demand.