CBOT wheat closes sharply lower on spillover pressure from corn

By Reuters News

CHICAGO, Sept 30 (Reuters) - Chicago Board of Trade wheat futures closed sharply lower on Wednesday, dropping to a more than six-week low, on spillover pressure from the corn market after the US Department of Agriculture estimated that quarterly US corn stocks were above market expectations, traders said.

  • The US Department of Agriculture on Wednesday reported that US farmers and grain handlers had 1.846 billion bushels of wheat in storage as of September 1, down from 2.134 billion a year earlier.

  • A Reuters survey of analysts had expected the agency to report that US wheat stocks were 1.872 billion bushels.

  • The USDA also estimated that farmers this year harvested 1.534 billion bushels of wheat, compared to its previous estimate of 1.531 billion bushels. Analysts expected 1.524 billion bushels.

  • CBOT December soft red winter wheat closed 17 cents lower at $6.75-3/4 per bushel. The contract earlier slid to $6.73-1/4 a bushel, its lowest level since August 14.

  • K.C. December hard red winter wheat ended down 10 cents at $7.33 a bushel, and Minneapolis December spring wheat settled down 6 cents at $6.93-1/4 a bushel.

  • Consultancy Sovecon said on Wednesday it had cut its Russian wheat export forecast for this season by 4.7 million tons to 36.7 million tons, as it saw normal port operations in the Azov-Black Sea region resuming no earlier than 2027.

  • US farmers are off to a slower start planting the winter wheat crop they will harvest in 2027.

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