# Chicago wheat down - Markets - Business Recorder

> 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.

- Date: 2023-10-04 · published 2023-10-04T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/7138-chicago-wheat-down-markets-business-recorder
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

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.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2021-09-07 | [Australia lifts wheat forecast - Markets - Business Recorder](https://feedsoft.ai/events/45030-australia-lifts-wheat-forecast-markets-business-recorder.md) | +1.8% | +5.2% |
| WHEAT | 2022-04-17 | [French soft wheat crop rating stable - Markets - Business Recorder](https://feedsoft.ai/events/41779-french-soft-wheat-crop-rating-stable-markets-business-recorder.md) | -0.7% | +7.2% |
| WHEAT | 2021-05-12 | [EU wheat eases, rapeseed hits new high - Markets - Business Recorder](https://feedsoft.ai/events/11413-eu-wheat-eases-rapeseed-hits-new-high-markets-business-recorder.md) | -1.5% | -4.7% |
| WHEAT | 2020-06-11 | [Wheat slides on record global stocks estimate - Markets - Business Recorder](https://feedsoft.ai/events/52557-wheat-slides-on-record-global-stocks-estimate-markets-business-recorder.md) | -1.4% | -5.1% |
| WHEAT | 2025-06-24 | [Southern Europe lifts EU wheat yield outlook - Markets - Business Recorder](https://feedsoft.ai/events/24138-southern-europe-lifts-eu-wheat-yield-outlook-markets-business-recorder.md) | +1.4% | -1.8% |
| CORN | 2021-03-10 | [Wheat inches lower, subdued USDA forecast caps losses - Markets - Business Recorder](https://feedsoft.ai/events/7082-wheat-inches-lower-subdued-usda-forecast-caps-losses-markets-business-recorder.md) | -9.5% | -0.3% |
| CORN | 2024-11-26 | [Wheat extends losses on better US crop outlook, firmer dollar - Markets - Business Recorder](https://feedsoft.ai/events/11777-wheat-extends-losses-on-better-us-crop-outlook-firmer-dollar-markets-business.md) | -0.6% | +4.7% |
| CORN | 2022-07-13 | [US MIDDAY: Grains: Losses deepen - Markets - Business Recorder](https://feedsoft.ai/events/4310-us-midday-grains-losses-deepen-markets-business-recorder.md) | -11.6% | -12.4% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40266322

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.