Abundant supply weighs on US wheat price

Friday, wheat prices recovered only slightly from their losses on Thursday, when they closed at their lowest levels in five years. The strong US dollar is putting the brakes on US wheat prices, and in conjunction with positive harvests in the northern hemisphere is generating headwind for US wheat on international markets. 

France is one of the countries with a good crop, having now officially posted a record-high soft wheat crop of 40.8 million tons. That said, provisional ministry estimates that were only slightly lower had already done the rounds beforehand and had already been priced in, notes Commerzbank.