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Chicago wheat futures drifted toward three-year lows as Russian grain supply stayed strong and the US government raised its estimate for U.S. production to 1.812 billion bushels from 1.734 billion. Corn and soybean prices also fell.
Anticipated weaker harvests in Argentina and Australia limited the losses.
Upward revisions to U.S. output and heavy Russian exports keep wheat under pressure. Buyers are purchasing only immediate needs, which reduces demand and weighs on prices.
brecorder.comReutersOct 4, 2023After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), and +0.3% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
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.
