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U.S. spring wheat futures on MGEX fell to a 10-year low on August 30, with the nearby contract touching $4.77-1/2 a bushel, the lowest front-month level since October 2009. Heavy supplies from a second straight large harvest and bigger-than-expected September deliveries pressured the market.
Burdensome spring wheat supplies and a record USDA yield outlook point to continued downward pressure on wheat prices and feed-wheat alternatives. Lower wheat prices can make wheat more competitive as a feed ingredient versus corn.
grainews.caGFM Network NewsAug 30, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
