Chicago wheat dropped for a third consecutive session on Monday as abundant world supplies weighed on prices, reports Reuters.
Estimates for a large Canadian wheat crop, rising forecasts for Russia’s harvest, improving conditions in Australia and good early signs for the U.S. spring wheat harvest are weighing on wheat prices.
“Wheat remains under pressure from continued expectations of larger than expected global supplies while demand is suffering from the COVID-19 crisis,” Matt Ammermann, StoneX commodity risk manager, told Reuters. “Harvest forecasts are being increased in Russia and Canada while Australia is expected to be back in the export markets again.”
