The Agricultural and Horticultural Development Board (AHDB) reports that the prolonged dry weather in important countries, such as Russia, Ukraine, and portions of the United States, has caused a noticeable increase in wheat prices globally in recent days.
The ongoing dry weather has made market pessimism about the Russian wheat crop of 2024–2025 worse, as has slower-than-expected planting for the 2025 season.
One of the biggest producers of wheat in the world, Russia, recently lowered its projected wheat crop for 2024 from an earlier range of 84–86 million tonnes (Mt) to 83.0 Mt.
This negative revision has added to market anxiety, as there are speculations that the Russian government may raise the minimum export price in response to robust wheat shipments.
