Although there were indications that wheat was at least forming a bottom, the three U.S. wheat futures exchanges were trading close to some of their lowest points in recent memory.
US Wheat Harvest Outlook
The winter wheat harvest in the United States is ending, but harvest activities in France and Germany were postponed due to unseasonal rains in Europe. The amount of French wheat produced this growing season may be the lowest in the previous forty years due to excessive moisture prior to the season. The underwhelming wheat production in Russia and Ukraine further paved the way for North American wheat shipment in the 2024–2025 marketing year.
The rainy harvest season in Europe also affected the crop's quality. Wheat cultivation in Germany and France yields low, and a large amount of the crop is unfit for export, which further reduces the crop's potential market.
