Wheat is at the Peak of 6 Years on Increasing Demand

Wheat is at the peak of 6 years on increasing demand. Wheat prices hit their highest level in 6 years as China and other importers increased their demand. On the back of increasing demand from China and other importers and additional customs data brought by Russia, the largest exporter, wheat prices headed towards the record close. Increasing demand in China, drought in important cultivation areas, efforts of governments to restrict exports to ensure domestic supply caused grain prices to reach the highest level since 2014. During this period, when hunger increased in the world during the epidemic, this increase brought along concerns about food inflation. Demand for China's agricultural commodities has reached record levels this year. While soybean, corn and meat imports peaked, the biggest wheat purchases of the last 25 years were made. With the decreasing supply, the country's corn imports reached over 11 million tons. The March term soybean contract traded on the Chicago commodity exchange reached the level of $ 13.97 per bushel with a loss of 1.4 percent. The March futures wheat contract, on the other hand, earned 1.3 percent and traded at around $ 6.84 per 12.7 kilos.