Wheat futures head for lowest finish since mid-June as USDA raises U.S. supply outlook

Wheat futures declined on Wednesday, with prices looking to post their lowest settlement since mid-June after the U.S. Department of Agriculture raised its U.S. wheat supply outlook. It lifted its 2023/2024 U.S. wheat supply projection to 66.66 million metric tons, from 65.28 million in the June report. The USDA also cut its estimates for 2023/2024 U.S. exports of corn and soybeans – “all this despite the U.S. dollar index continuing to weaken,” said Darin Newsom, Barchart senior market analyst. The most-active September wheat contract
WU23,
-2.73%
was down 25 ¼ cents, or 3.8%, at $6.35 ¼ a bushel in Chicago, with prices poised for their lowest finish since June 14, FactSet data show. December corn
CZ23,
-2.64%
traded at $4.83 ¾ a bushel, down 17 ¾ cents, down 3.5%, while November soybeans
SX23,
-2.13%
fell 29 cents, or 2.1%, to $13.31 ¼ a bushel.