Domestic:
U.S. export quotes for all four classes have fallen since the December WASDE report in response to larger Southern Hemisphere harvests in Australia and Argentina, but also reflecting muted foreign demand as U.S. prices are still uncompetitive despite the recent decline. Hard Red Spring (HRS) plummeted $39/ton from last month, reflecting limited demand at the exceptionally high price of $402/ton, up nearly 37 percent from last year. Similarly, Soft White Winter (SWW) declined $23/ton to $434/ton with lackluster foreign demand. Hard Red Winter (HRW) fell $10/ton to $369 while Soft Red Winter (SRW) settled at $331, down $17/ton.
Global:
Global wheat prices were lower over the past month as the harvest progressed for record crops in Argentina and Australia. Canadian quotes had the largest decline, falling $36/ton from the previous month, following a larger production estimate from Statistics Canada. EU quotes were down $17/ton as demand from major buyer Algeria remained below expectations. Australian quotes dropped $13/ton as harvest conditions improved. Argentine quotes fell $16/ton as a record harvest continued and the Buenos Aires Grain Exchange raised its production forecast. U.S. quotes were also down $10/ton with weak international demand exhibited by recent weekly Export Sales Report. Russian quotes, meanwhile, were down $6/ton despite robust global import demand as the proposed wheat export quota dampened prices.
| Argentina | Australia | Canada | EU | Russia | United States |
| $303 | $343 | $383 | $319 | $334 | $369 |
Source: USDA
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