Wheat Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data

Wheat Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data

Report Format: PDF+Excel | Report ID: SR112024A22699
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Wheat Prices September 2023

Category Region Price
Wheat Agricultural Feedstock Canada 247 USD/MT

September 2023 saw no change in inflation, but analysts predict that in the near future, pricing pressures will gradually lessen. The sustained decline in wheat exports and prices was driven by reduced demand from important trade partners and competitive logistics. Additionally, the surplus in the domestic market resulted from extra beginning stocks in major corn-growing regions. Wheat prices reached 247 USD/MT in September 2023 in Canada.

Wheat Price Trend, Market Analysis, and News

IMARC's latest publication, “Wheat Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” presents a detailed examination of the wheat market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of wheat at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents a detailed wheat price trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting wheat pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.

Wheat Price Trend

Wheat Market Analysis

The global wheat market size reached US$ 48 Billion in 2023. By 2032, IMARC Group expects the market to reach US$ 72 Billion, at a projected CAGR of 4.60% during 2023-2032.

  • Wheat is a staple crop that is essential to the diets of a large proportion of the global population. Wheat and other essential grains are in higher demand as the population grows, particularly in emerging nations. As per the United Nations (UN), the global population reached 8.0 billion in mid-November 2022. Forecasts indicate that the global population will increase by around 2 billion people over the next thirty years, from the present 8 billion to 9.7 billion by 2050. In addition, projections suggest that the population might reach a peak of around 10.4 billion people.
  • Wheat is used to produce bread, pastries, and other bakery goods due to its high gluten content, which provides dough elasticity and strength. In 2023, the market for bakery products worldwide was valued at US$ 515.9 billion. The IMARC Group projects that the market will reach US$ 692.9 billion in 2032. Additionally, wheat is processed to make flour for biscuits, cakes, and cookies. Wheat is also utilized to make cereals, pasta, noodles, and couscous. Its derivatives, such as wheat germ and bran, are incorporated into health food products, appealing to health-conscious individuals. In addition, the growing demand for ready to eat (RTE) products among individuals with busy lifestyles is driving the demand for wheat for various edible items. The market value for RTE food globally was US$ 181.5 Billion in 2023 and it is expected to reach US$ 262.4 Billion by 2032, as per the IMARC group.
  • The increasing employment of wheat to produce biofuels, mainly ethanol, is contributing to the growth of the market. Countries promoting renewable energy sources are increasingly turning to biofuels as an alternative to fossil fuels, which involves using wheat as a feedstock. Moreover, wheat-based ethanol is considered a renewable resource that can help to reduce carbon emissions. According to the U.S. Bioenergy Statistics by USDA, in 2022, the United States produced around 15.4 billion gallons of ethanol and 3.1 billion gallons of biodiesel and renewable diesel combined.

Wheat News

The report covers the latest developments, updates, and trends impacting the price of wheat, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the wheat price trend.

Latest developments in the wheat industry:

  • October 2022: Biological nitrification inhibition (BNI) technology was used in a research project in India to create nitrogen-efficient wheat production systems in the Indo-Gangetic area. Popular wheat varieties like DBW187 and HD3386 receive genes from wild grass to allow BNI-enabled wheat, which improves economic viability and environmental sustainability by lowering the requirement for nitrogen fertilizer.
  • February 2022: Inari and InterGrain collaborated to enhance wheat yield potential by 10-15% and improve resource use efficiency through predictive design and gene editing technologies. Their objective is to increase the profitability and sustainability of agriculture in Australia.

Product Description

Wheat is a cereal grain widely cultivated, serving as a staple food. It includes several types, such as common wheat, durum wheat, and spelt, each with distinct properties suited for different culinary purposes. It is a rich source of carbohydrates, which provide energy, and protein, essential for muscle growth and repair. It also contains fiber for digestive health, as well as vitamins and minerals like B vitamins, iron, and magnesium. Additionally, wheat serves as a versatile ingredient in various cuisines worldwide, utilized to make bread, pasta, noodles, pastries, and breakfast cereals, among other foods. Its advantages extend beyond basic needs as wheat farming is vital for agricultural economies, supporting food security while offering farmers a means of subsistence.

Regional Coverage

The report provides a detailed analysis of the market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of FOB and CIF prices, as well as the key factors influencing the wheat price trend. 

Global Wheat Price

The report offers a holistic view of the global wheat pricing trends in the form of wheat price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price levels but also provides insights into historical price of wheat, enabling stakeholders to understand past fluctuations and their underlying causes. The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed wheat demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Wheat Price

The European wheat market saw uncertainty in the third quarter as a result of the withdrawal of Russia from the Black Sea Grain Agreement. The disruption of supply networks and subsequent increase in commodity prices intensified the risks of inflation. Local food costs in developing countries rose considerably due to currency devaluation against the US dollar. Notwithstanding worries about diminishing yields, Russia's excess supply contributed to the stabilization of wheat prices in the area.

This analysis can be extended to include detailed wheat price information for a comprehensive list of countries.

Region Countries Covered
Europe Germany, France, United Kingdom, Italy,  Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece, among other European countries.

North America Wheat Price

Wheat prices fell dramatically in North America during the third quarter of 2023, which was attributed to favourable growing conditions and a successful harvest in Canada. Excessive supply caused exports to soar and domestic stocks to rise. However, due to high temperatures and insufficient soil moisture, worries were raised over the quality of wheat and its viability for export. Price discovery was difficult due to low market liquidity and disinterested traders.

Specific wheat historical data within the United States and Canada can also be provided.

Region Countries Covered
North America United States and Canada

Middle East and Africa Wheat Price

The report explores the wheat pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on wheat prices for countries can also be provided.

Region Countries Covered
Middle East & Africa Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco, among other Middle Eastern and African countries.

Asia Pacific Wheat Price

Wheat prices in the Asia Pacific area fluctuated throughout the third quarter of 2023, particularly in the Indian market. A heatwave originally caused prices to drop, disrupting transportation and corporate operations. Discussions with Russia attempted to reduce food inflation even in the face of inadequate demand from downstream sectors. August had a minor increase in prices, while September saw a considerable decrease due to higher product supply and lower demand.

This wheat price analysis can be expanded to include a comprehensive list of countries within the region.

Region Countries Covered
Asia Pacific China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand, among other Asian countries.

Latin America Wheat Price

The analysis of wheat prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Region Countries Covered
Latin America Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries.

Report Coverage

Key Attributes Details
Product Name Wheat
Report Features Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Wheat Price Analysis, and Segment-Wise Assessment.
Currency/Units US$ (Data can also be provided in local currency) or Metric Tons
Region/Countries Covered The current coverage includes analysis at the global and regional levels only. 
Based on your requirements, we can also customize the report and provide specific information for the following countries: 
Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand*
Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece* 
North America: United States and Canada

Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru*

Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco*

*The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client.
Information Covered for Key Suppliers
  • Company Overview
  • Business Description
  • Recent Trends and Developments
Customization Scope The report can be customized as per the requirements of the customer
Report Price and Purchase Option

Plan A: Monthly Updates - Annual Subscription

  • Scope
    • Historical Data for the Current Month
    • Forecast for Next Month
  • Total Deliverables Per Year: 12 (One Per Month)
  • Includes: One PDF and Excel datasheet per month, Post Purchase Analyst Support throughout the year

Plan B: Quarterly Updates - Annual Subscription

  • Scope
    • Historical Data for the Current Quarter
    • Forecast for Next Quarter
  • Total Deliverables Per Year: 4 (One Per Quarter)
  • Includes: One PDF and Excel datasheet per Quarter, Post Purchase Analyst Support throughout the year

Plan C: Biannually Updates - Annual Subscription

  • Scope
    • Historical Data for the Current Half
    • Forecast for the Next Half
  • Total Deliverables Per Year: 2 (One Per 6 Months)
  • Includes: One PDF and Excel datasheet per Half, Post Purchase Analyst Support throughout the year  
Post-Sale Analyst Support  360-degree analyst support after report delivery
Delivery Format PDF and Excel through email (We can also provide the editable version of the report in PPT/Word format on special request) 

Key Benefits for Stakeholders:

  • IMARC’s report presents a detailed analysis of wheat pricing, covering global and regional trends, spot prices at key ports, and a breakdown of FOB and CIF prices.
  • The study examines factors affecting wheat price trend, including input costs, supply-demand shifts, and geopolitical impacts, offering insights for informed decision-making.
  • The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
  • IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The wheat price charts ensure our clients remain at the forefront of the industry.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Wheat Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data
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