: Wheat and corn futures eye lowest finish since September after USDA report
Wheat and corn futures were on track Wednesday to finish at their lowest prices since early September following the monthly World Agricultural Supply and Demand Estimates report from the U.S. Department of Agriculture. The USDA lowered its 2022-2023 outlook for U.S. wheat ending stocks by 5 million bushels to 571 million bushels – the lowest since the 2007-2008 marketing year, but also raised its forecast for domestic wheat use by 5 million bushels to 1.09 billion bushels. For corn, the USDA lifted its U.S. 2022-2023 production forecast by 35 million bushels to 13.93 billion bushels. The grain market was mostly “ignoring the report and just adjusting to harvest season supplies and anticipation of the Istanbul Grain Accord being renewed on Nov 19th for a full year, allowing for exports of grains from the Black Sea to be relatively unencumbered,” said Sal Gilbertie, president and chief investment officer at Teucrium Trading. December wheat WZ22 was down 12 ½ cents, or 1.5%, at $8.15 ¼ a bushel. December corn CZ22 fell 2 cents, or 0.3%, to $6.65 ½ a bushel. Prices for the most-active wheat and corn contracts were on track for their lowest settlements since early September, according to Dow Jones Market Data.
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