CHICAGO: wheat futures fell to $8.3 per bushel at the end of October, the lowest in nearly six weeks, pressured by poor demand and as concerns of low supply eased.
Data from the United States pointed to a 46% weekly decline in exports on the week ending October 21.
In the meantime, Chinese customs records showed 370 thousand tonnes of chicago wheat were imported during September, over 40% lower than in the corresponding period of the previous year.
On the supply side, rainfall in Argentina improved projections for the upcoming harvest after drought concerns had previously emerged.
In the meantime, the UN continued to express optimism regarding the extension of the safe trade corridor for Black Sea ports, hoping that Ukraine will be able to ship wheat and free much-needed silo storage space.
While yesterday Chicago wheat futures were at $8.5 per bushel, rebounding from the five-week low of $8.3 hit on October 25 amid supply concerns and a weaker dollar. Droughts in Argentina drove the Rosario grain exchange to cut its 2022/23 harvest projection by 1.3 million tonnes to 13.7 million.
In the meantime, Ukrainian authorities stated that Russian strikes blocked Ukrainian ports from operating fully, reducing capacity to 25%. Still, the UN continued to express optimism regarding the extension of the safe trade corridor for Ukrainian Black Sea ports, pledging hopes that the exporter will be able to ship wheat and free much-needed silo storage space