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

Chicago wheat futures hit multi-year lows despite tightening global wheat supplies among major exporters.
Recurring forecasts of record low exportable wheat supplies have failed to materialize, causing market fatigue.
Ukraine's wheat production and exports continue to exceed expectations, defying negative outlooks.
Top exporter Russia has consistently shipped more wheat than anticipated, keeping global supply ample.
Upcoming dip in wheat stocks-to-use among exporters expected again for 2023-24, but credibility is fading.

reuters.com

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9/11/2023

Bumper Crops and Supply Chain Woes Pressure Wheat Prices

Chicago wheat traded close to a 14-week low due to an abundance of supplies from Russia and a lack of demand, while corn prices eased and soybeans ticked higher as traders await updated crop estimates from the US government.