Global grain market: wheat in Chicago reached a three-year low, soybeans and corn also fell in price on Friday

On Friday, September 29, 2023, Chicago Board of Trade (CBOT) wheat futures fell to a three-year low. At the end of the trading day, December quotations of soft winter wheat on the Chicago Mercantile Exchange CBOT dropped to $198.96 per ton, December futures of hard winter wheat KCBT in Kansas City fell to $243.88 per ton, December futures of hard spring wheat MGEX - to $260, 60 per ton.

Chicago wheat futures fell more than 6% on Friday, hitting a three-year low, after USDA data showed wheat production exceeding analysts' expectations.

Soybean futures also fell sharply on larger-than-forecast domestic inventories, and falling wheat and soybean prices led to a drop in corn prices.

The US Department of Agriculture (USDA) estimated the country's wheat harvest to date at 1.812 billion bushels, up 78 million bushels from its previous estimate and well above the average analyst forecast of 1.729 billion bushels, according to a Reuters poll.

Chicago Board of Trade wheat futures fell 6.4% to $5.41-1/2 a bushel, their lowest level since Sept. 28, 2020, on a continuous chart.

In a separate report, the U.S. Department of Agriculture said U.S. wheat inventories stood at 1.780 billion bushels as of Sept. 1, slightly higher than the 1.778 billion bushels a year earlier and reflecting weak export demand for U.S. supplies.

US soybean stocks fell to their lowest level in two years, but were higher than analysts had expected. CBOT soybean futures fell 25.5 cents to $12.75 a bushel.

CBOT corn futures followed wheat and soybeans despite USDA data showing lower-than-expected corn inventories.

Corn prices fell about 2.4% to $4.76-3/4 a bushel.

At the Chicago Board of Trade (CBOT) on Friday, contracts for delivery in November and December:

wheat (DCBR 2023) - 198.96 dollars/t (19,300 rubles/t) - minus 6.44%;
corn (DCBR 2023) - 187.70 dollars/t (18,210 rubles/t) - minus 2.40%;
soybeans (NBR 2023) - 468.47 dollars/t (45,440 rubles/t) - minus 1.96%;
rice November (November 2023) - 779.52 dollars/t (75,620 rub./t) - minus 1.36%;
rapeseed (ICE, Nov. 2023) - 715.50 cad/t (51,350 rub./t) - unchanged.
 
On Friday, the French grain market fell again. At the end of the trading day, December quotes for milling wheat on the Parisian MATIF exchange dropped to €235.50 per ton (in dollar equivalent - to $251.48). November futures November corn quotes fell to €208.25 per ton (in dollar equivalent - to $220.76).
 
On the Paris Exchange (MATIF) on Friday, quotes for November and December contracts at the closing of trading were:

milling wheat (DCBR 2023) - 248.66 dollars/t (24,120 rubles/t) - minus 1.12%;
corn (NBR 2023) - $219.89/t (RUB 21,330/t) - minus 0.39%;
sunflower (Oct. on the SAFEX exchange - 8764.00 zar./t (44250 rub./t) minus 0.65%;
sunflower oil (St. Rotterdam, bulk FOB) - $900.00/t (RUB 87,300/t) plus 0.56%.