The most active wheat contract on the Chicago Board of Trade (CBOT) fell to a contract low of $5.71 a bushel early in the session, the lowest since December 9, 2020.
The futures of wheat of Chicago fell to their lowest level in 33 months on Tuesday, as the market took into account the great supplies from Russiawhile corn and soybeans fell.
The most active wheat contract in the Chicago Stock Exchange (CBOT) fell to a contractual low of $5.71 a bushel early in the session, the lowest since December 9, 2020. The contract fell 2.22% to $5.71 per bushel by 1457 GMT.
The prices of Russian wheat export fell last week as analysts continue to raise estimates harvest forecasts and export for this season.
The great Russian exports, as well as continuous shipments from Ukraine have taken attention away from the adverse weather in other countries exporters wheat like Canada, Australia and Argentina.
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“There are too many sources in the world where (a buyer) can get wheat cheaper than in the United States”said Karl Setzer, head of research at Mid-Co Commodities.
It’s not just the russian wheat the one who is weighing on the US market. “Overnight, South Korea switched from the US to buying both milling wheat and feed wheat from Canada,” Setzer said.
The USDA said Monday that the condition of the US soybean and corn crops decreased in the last week to remain at decade lows for the time of year. CBOT corn was down 0.36% at $4.84 a bushel and Soybeans fell 0.69% to $13.59 a bushel.
Source: Ambito
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