Low domestic stocks and high demand not only support wheat futures prices but they also rise wheat price at the spot market.
On the other hand, MATba (Buenos Aires Futures Market) wheat futures prices to harvest experienced slight drops of between US$ 0.1/t and US$ 1/t. MATba December futures recorded the largest drop, of US$ 1/t. The decrease in the domestic price was a result of lower FOB prices in the ports of Argentina for the new harvest.
Regarding wheat consumption, although it might be slightly lower than in the previous cycle (735 Mt vs 734 Mt), its decrease would not compensate for the lower wheat supply, leading to an adjustment in the level of final stocks.