Global grain prices on September 22, 2023: Wheat falls due to strong USD and oversupply

Soybean futures prices are also trending down weekly and are near a 6.5-week low as the newly harvested US crop adds supply to a market flooded with soybeans from Brazil. Corn prices were virtually unchanged on Friday and during the week. The most heavily traded Chicago Board of Trade wheat futures fell 0.3% to 5.74-1/4 bushel and were near a 33-month low of $5.70 hit on Thursday. 9/12. Soybean prices remained unchanged at 12.94-1/4 USD/bushel and decreased 3.4% during the week. Corn prices fell 0.1% to $4.75/bushel and were set for a weekly decline of 0.3%. The US dollar hit a six-month high against a basket of major currencies after the US Federal Reserve warned interest rates would stay higher for longer. A strong dollar makes American grain less competitive at a time when cheap wheat from Russia dominates the market, pushing prices down. Underscoring the picture of abundant short-term supplies, the International Grains Council (IGC) raised its estimate of Russian wheat ...