US wheat prices are down this morning on news that Algeria has just purchased as much as 300,000 metric tons of the commodity from a non-US source. After eight straight days of gains, from less than $5.80/bushel, wheat futures have fallen more than -$0.03 this morning to $6.48/bushel.
The likeliest source of the Algerian wheat is either Russia or Ukraine, both of which are serious price cutters that prefer to chase market share rather than margin. US wheat prices have fallen about -18% this year.
By contrast, US corn prices are up more than 2% this year, and today’s price is $6.42/bushel, down fractionally, but on track for a ninth straight day of price increases.
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