Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

China's Harvest, Australian Crop Calm Wheat Market 

Wed 08 Jun 2022 | 12:45 PM
Ahmed Moamar

 Wheat futures prices fell for most of the upcoming delivery months on the Chicago Mercantile Exchange, thanks to the harvest in China, the world's largest wheat consumer, and continued crop growth for the third consecutive year in Australia, one of the world's largest wheat exporters.

The  US agency “Bloomberg” quoted the Chinese Ministry of Agriculture and Rural Affairs as saying that China collected 55 percent of the winter crop until the day before yesterday, which means achieving this percentage two days earlier than it was achieved last year.

The Chinese ministry added  that meteorological reports indicate that the weather will be suitable for the harvest season

Also, Australia is heading towards record wheat good production for the third year in a row in 2022, backed by good weather that has supported agriculture across its grain-growing regions, easing global fears of tight supplies.