Wheat export prices rose in June

International wheat price

The benchmark US wheat (No.2 Hard Red Winter, f.o.b.) averaged USD 228 per tonne in June, more than 7 percent higher than in May but still nearly 6 percent down from the corresponding month last year. Besides the spill over from a surge in maize prices, wheat price quotations were also underpinned by excessively wet weather, which delayed harvesting of the winter wheat crops. Wheat export prices in the EU were also firmer due to hot weather conditions, while in Argentina, heavy rains, hampering planting, provided support. By contrast, prices of Black Sea origin wheat remained under downward pressure largely because of the generally favourable production outlook, despite some concerns over hot and dry weather.