Chicago wheat is trading at its lowest price since July 2021 at 675.97.
From AgWeb, March 8:
WASDE Report was bullish for soybeans with a cut in U.S. ending stocks and lower Argentina production, corn ending stocks slightly bearish raised by 75 million bushels but Argentina production was again cut. Wheat balance sheets were left unchanged. What does it mean for the market? Jim McCormick of AgMarket.Net has details....
....MORE (video)
And from Trading Economics also on blogroll at right:
Wheat futures in the US retreated below $6.8 per bushel in March, the lowest in 18 months, as the USDA’s WASDE report confirmed the supply from the world’s top producers is set to increase. Top exporter Russia is projected to sell up to 60 million tonnes of wheat on foreign markets in the current marketing year, according to President Putin's speech to the country's Federal Assembly. Russia harvested a record-high 153.8 million tonnes of wheat in 2022, driving farmers to turn to international customers to empty silos ahead of the new crop.
Also, Ukraine forecasted output to be strong in the next marketing year as the current winter wheat harvest was larger than expected. Meanwhile, Ankara continued to work towards the extension of the safe trade corridor deal for ships carrying grain out of Ukrainian Black Sea ports.
Here's the USDA (40 page PDF)
Also released today the Crop Production Report (17 page PDF)
