Wheat futures prices have been under moderate pressure as a result of speculators’ actions. They are exiting the wheat market to focus on corn and soy. Russia’s harsher export duties on wheat, which went into effect on March 1, pushed up wheat prices globally on the physical market. That influence has already been included in pricing, but it keeps the market highly active.

Furthermore, the market is expected to remain firmly in India’s hands. India anticipated consuming almost 150 million tonnes of grain and rice-based feed and by-products in the fiscal year 2020-21, up more than 6% from the previous year, according to the US Department of Agriculture. This is mostly due to a rebound in pig output, along with a general increase in feed demand including in other industries.

Barley demand is projected to continue robust, fueled largely by China and Saudi Arabia. These two nations are the world’s top importers of barley, accounting for about half of global commerce. Between May and September, Saudi Arabia import projections were constant for 2021/22; for China, imports were down 400,000 tonnes, despite a 2.5-million-ton export decrease for Canada, China’s leading supplier in 2020/21. Furthermore, barley imports by Vietnam and Thailand have increased since Australia’s barley exports to China came to a standstill earlier this year. The majority of this trade is projected to be for feed-quality barley, although these nations also import an Indian significant amount of malting-quality barley.