Wheat futures slipped to around $6.1 per bushel in early July, retreating from a three-week high reached on July 9, as strong production data from China reinforced expectations of ample global supplies. According to the National Bureau of Statistics, the world’s top wheat grower’s harvest increased to 138.95 million metric tons, from 138.16 million metric tons a year earlier, despite a 0.3% decline in planted area to 23.01 million hectares. While excessive rainfall delayed winter wheat sowing, favorable growing conditions, effective pest control, and government support helped crops recover, resulting in another strong harvest. Market participants are now turning their attention to Friday’s USDA World Agricultural Supply and Demand Estimates (WASDE) report, which is expected to play a pivotal role in shaping grain markets, including wheat.

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