Global Wheat Markets Closed Lower Due to US Wheat Exports and a Strong USD During W10

Global grain markets closed sharply lower overnight on March 10, 2023, due to the US weekly wheat exports being 6% down in 2022 and the strong USD currency. Estimates from Argentina for corn and soybean crops saw further cuts, while oilseeds were also sharply lower. The Australian Wheat Market was mixed with H2 up USD 4.60/MT in the last seven days, it is trading at US$279.21/MT* in W10. APW1 was no change for W10, trading on March 10, 2023 at USD 267.30/MT*. It will be hard for the Trade to ignore the slump in the overseas market today, so we could expect to see wheat prices lower.