Bumper Crops and Supply Chain Woes Pressure Wheat Prices

Wheat prices fell due to ample supplies from Russia and weak demand for U.S. exports.
Traders await updated U.S. crop estimates on Tuesday.
Bumper Russian wheat exports weighed on Chicago wheat futures.
Work ongoing to expand Ukraine's export routes as Russian attacks impede shipments.
Soybean prices ticked higher on China purchase but big South American crops limit gains.

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Relevant topic timeline:

8/24/2023

Periodic Updates on the Grains, Livestock Futures Markets

Soybeans and meal are firm, while wheat and corn are trading lower due to a lack of market-moving news and lower than expected wheat sales.

8/25/2023

Drought concerns linger and hoist grain markets

Wheat prices decrease due to increased production estimates out of Russia and hot dry conditions, while corn and soybeans increase with support from weather forecasts projecting hot dry conditions.

9/14/2023

Global Wheat Prices Hit Multi-Year Lows Despite Tight Supplies as Exporters Defy Forecasts

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