Wheat price is the lowest in five years with improved expectations of the offer and renewed trading tension

Wheat prices have dropped for the fourth day in a row, on their way to their lowest nearby since 2020, amid improving the expectations of the offer and renewed trade tensions between the United States and China. According to the Higtower report, “global demand is at a normal rate, while abundant global supplies mean that end consumers do not currently have an urgent need to buy.” The agricultural consultant firm Sovecon has increased its forecast for wheat production in Russia, the world’s largest exporter, while production from Argentina, also a major supplier, is expected to be equal to the record recorded in the 2021-2022 season. Also read: The price of wheat falls near the lowest level in 5 years amid increasing supply. America and China tension. New tensions between China and the United States have raised concerns about a decline in demand for US soybeans, which has increased the pressure on other crops such as wheat and wheat. US President Donald Trump and his Chinese counterpart Xi Jinping are working on a new round of mutual escalation, with each side claiming the ball is in the other’s court, with the date of a new round tariff increases approaching. Prices: The price of wheat fell 0.4% to $ 4.95 per bushel at 12:34 p.m. Singapore time. Soybean prices have fallen, while wheat prices remained almost stable.