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Over the past four years, US wheat prices have seen a slow but sustained trend upward.
Source: investing.com
That said, movements in the commodity have been quite volatile in 2020.
Source: investing.com
With much of the world only gradually easing from lockdown measures, demand for commodities more generally has been weak.
Moreover, with the world reportedly having had the warmest month on record in May – this has implications for the global wheat market going forward in terms of output losses. This is expected to restrict supply and prices are expected to rise accordingly.