World wheat prices fell in January

World wheat prices fell in January for the third consecutive month as global supply levels continued to improve. Recent harvests in Australia, where latest estimates are now higher than initially expected, and in Argentina along with a weaker national currency, were behind a decline in the Australia (eastern states) and Argentina quotations, which fell by 3 percent and 5 percent, respectively, month‐on‐month.

Large supplies following upwards revisions to production estimates, strong exports and competitive prices for the Russian Federation led to slight declines in prices of competing origins, including European Union and the benchmark United States of America values, each declining by 2 percent in January.