Chicago futures market: Wheat price takes biggest hit in 5 months

The wheat price fell by around 6% on the Chicago futures market on Friday, January 6. That is the strongest price drop since mid-August 2022. Compared to the peak in May 2022, the wheat quotation is already 36% lower. Strong competition from wheat from the Black Sea region is cited by analysts as an important cause of the sharp fall in prices. According to the consultancy firms Ikar and Sovecon, Russia will export about 3.6 to 4 million tons of wheat in January. And that after the month of De