Global
wheat markets are expected to reel under pressure due to improved weather and
crop conditions in US and Black Sea regions despite recent winter crop loss in
US. Besides, Argentina has abolished export tax(23 %) on wheat and cancelled
wheat export quota system., which would enable it to double its export volume.
Australia, Canada and US have ample marketable surplus and they all compete
with one another. However, wheat market has touched its bottom now and more dip
from current level is unlikely. Crop loss in any major exporting countries in
next two three months, may encourage global wheat price once again to some
extent. Month of January remains crucial for standing crop in the field.
Overall outlook is bearish. Any spike in global wheat market is unlikely.
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