World's Wheat Prices Hit Five-Year Low (Creatrip)

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World's Wheat Prices Hit Five-Year Low

Creatrip Team

a year ago

Wheat prices have fallen to a five-year low due to a global bumper crop, with wheat futures trading around $5.42 per bushel (27.2 kg) on the Chicago Board of Trade. The decline is also attributed to concerns over reduced wheat demand linked to U.S. trade policies, notably Trump's proposed tariffs on the EU. This drop in wheat prices is welcomed by Korea's flour and confectionery industry as it helps reduce costs. However, the growing demand for K-food (a term for Korean cuisine that has gained international popularity) within the global market might counterbalance the benefits of lower prices domestically.

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