Global Market Overview of Wheat

The global wheat market in 2023 has seen a recovery in supply, following tight global supply and skyrocketing wheat prices in 2022 resulting from the onset of the war in Ukraine. Increased wheat exports from Russia, readjustments of supply chains and domestic interventions in the market have helped wheat prices to see a double-digit decline in 2023. Nevertheless, looming geopolitical tensions on a global level are expected to pose a risk to global wheat supply in the short term.

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