Global wheat export prices in May 2024

In May 2024, global wheat export prices rose sharply in all major producing countries, with many recording double-digit growth. Increasing concerns about the impact of unfavorable crop conditions on the 2024 harvest in the European Union and the Russian Federation led to a 16 percent increase in prices in the EU and a 12 percent increase in the Russian Federation.

In addition, damage caused to the Black Sea shipping infrastructure has increased upward pressure on prices. Reflecting market dynamics, Argentina rose 13%, Australia 10%, Canada 9% and the US benchmark rose 3% month-on-month.