On Friday, September 29, 2023, Chicago Board of Trade (CBOT) wheat futures fell to a three-year low. At the end of the trading day, December quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT dropped to $198.96 per ton, December futures of hard winter wheat KCBT in Kansas City fell to $243.88 per ton, December futures of hard spring wheat MGEX - to $260, 60 per ton.
Chicago wheat futures fell more than 6% on Friday, hitting a three-year low, after USDA data showed wheat production exceeding analysts' expectations. Soybean futures also fell sharply on larger-than-forecast domestic inventories, and falling wheat and soybean prices led to a drop in corn prices. The US Department of Agriculture (USDA) estimated the country's wheat harvest to date at 1.812 billion bushels, up 78 million bushels from its previous estimate and well above the average analyst forecast of 1.729 billion bushels, according to a Reuters poll. Chicago Board of Trade wheat futures fell 6.4% to $5.41-1/2 a bushel, their lowest level since Sept. 28, 2020, on a continuous chart. In a separate report, the U.S. Department of Agriculture said U.S. wheat inventories stood at 1.780 billion bushels as of Sept. 1, slightly higher than the 1.778 billion bushels a year earlier and reflecting weak export demand for U.S. supplies. US soybean stocks fell to their lowest level in two ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes.
To learn more about our cookies, please read our Privacy Policy.