Commodities
Wheat Extends Gains on Tight Supply Outlook Due to Poor Weather
- Coceral cut its forecast for the 2024 harvest in the UK and EU
- Chinese demand remains weak due to economic slowdown
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Wheat rose for a second session on concerns that poor weather across major exporting countries will crimp production and tighten supply.
Trade group Coceral has cut its forecast for the 2024 harvest from the UK and European Union, while dry weather led to an industry group in Western Australia to reducing its outlook for the state’s wheat crop. Parched fields in the key Black Sea region are also threatening plantings for next year’s harvest.