CBOT wheat down on stronger dollar, lower corn and soy
WEAT•CBOT wheat futures fell for a second straight session on Thursday, with December soft red winter wheat closing 3.5 cents lower at $6.83¼ per bushel. Traders squared positions ahead of Friday’s USDA report, while concerns about Black Sea supplies limited losses.
1. Wheat futures ease
CBOT wheat futures fell for a second straight session on Thursday, pressured by a stronger dollar and lower corn and soybean prices. Traders also squared positions ahead of the USDA’s monthly crop report due Friday.
2. Supply and export figures
Losses were limited by concerns about Black Sea supplies, as fighting between Russia and Ukraine has disrupted shipments for months. Russia’s Baltic Sea ports raised annual grain-export handling capacity to 23.5 million metric tons in October from 8.6 million in July, a Russian Railways executive estimated. Ukraine said it wants to use German ports for agricultural exports.
3. US data ahead
Analysts surveyed expected the USDA to raise its forecast for 2026/27 US wheat ending stocks to 721 million bushels from 717 million last month. The USDA reported net US wheat export sales of 451,600 metric tons for the week ended October 1, near the high end of trade expectations. December hard red winter wheat last traded 2 cents lower at $7.36½ a bushel, while December spring wheat ended 4 cents lower at $7.06.
