Analysts expect Iran, which is having its presidential election on June 18, to increase its production by 500,000 to 1 million barrels per day once sanctions are lifted.
The bias could be towards the downside, as the bounce triggered by the support at $9,733 looks so weak that it suggests a continuation of the downtrend.
Prices for new-crop Russian wheat with 12.5% protein loading from Black Sea ports and for supply in the second half of July were at $256 a tonne free on board (FOB) at the end of last week, down $4 from the previous week, IKAR said.
IKAR and Sovecon forecast Russia's 2021 wheat crop at 79.5 million tonnes and 80.9 million tonnes respectively.
