Three-month wheat futures contract closed at US$599.75 per bushel (Friday, February 2, 2024)

Investing.com notes that the price of three-month wheat contracts today fell 0.29 percent to US$599.75 per bushel. This price drop is considerably higher than the average price movement over the last week.

This week, the price of three-month wheat contracts saw its highest surge on Tuesday, January 30, 2024, reaching 2.02 percent. However, trading since the beginning of the year has shown a continuous decline, with year-to-date growth at 1.15 percent.

The current situation is similar to the previous trend of declining prices for three-month wheat contracts.

Over the past week, the price of three-month wheat contracts slowed by 1.8 percent, with an average daily transaction price of US$601.14 per bushel. As a result, throughout 2024, the price of three-month wheat contracts has shrunk by -1.15 percent from its year-start position of US$606.75 per bushel. The highest trading value for three-month wheat contracts this year was US$616 per bushel, recorded on Friday, January 5, 2024.

Annually, the average trading price of three-month wheat contracts over the past five years has been in a downward trend. Meanwhile, monthly price monitoring shows that transactions over the past 12 months have also tended to decline. The highest average monthly price for three-month wheat contracts was recorded in May 2022 at US$1144.59 per bushel.