On Wednesday, March 22, 2023, wheat futures on the Chicago Mercantile Exchange (CBOT) fell to a 20-month low. The extension of the Black Sea grain corridor and rains in the US and Europe eased concerns about the supply of grain to world markets. As a result of the trading day, CBOT May soft winter wheat in Chicago fell to $243.79 per ton, KCBT May hard winter wheat futures in Kansas City - to $298.08 per ton, May MGEX spring wheat futures - to $306.35.

Wheat futures in Chicago hit a 20-month low on Wednesday due to the continuation of the Black Sea export deal and due to market caution ahead of the Federal Reserve's policy decision. Futures were also affected by well-timed rainfall in France and other Western European countries, easing fears of dry conditions for wheat crops. Corn futures edged up a little on Wednesday on urgent selling of American corn to China. The May wheat contract on the Chicago Mercantile Exchange (CBOT) fell to $6.63-1/2 a bushel, rebounding from $6.54 hit earlier in the session, the lowest since July 2021. CBOT corn futures edged up to $6.33-1/2 a bushel, while soybean futures edged down to $14.48-1/2 a bushel. The USDA reported 178,000 tons of corn in private sales to China. Traders said much of the market's attention is focused on the US Federal Reserve's interest rate decision, which will be announced later on Wednesday after banking turmoil. Traders are divided on whether the Fed will be forced to ...

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