CBOT wheat sags on firmer dollar, technical selling
WEAT•CBOT December soft red winter wheat fell 2.5% to $6.86-1/2 per bushel on Wednesday, as a firmer dollar, technical selling and demand uncertainty weighed on prices.
1. Wheat futures fall
CBOT December soft red winter wheat settled down 17-3/4 cents, or 2.5%, at $6.86-1/2 per bushel. K.C. December hard red winter wheat fell 2.3% to $7.38-1/2, while Minneapolis December spring wheat lost 1.3% to $7.10-1/4.
2. Demand and supply outlook
Traders continued to weigh disruption to Black Sea trade from the ongoing war against signs of rising Russian exports through alternative Baltic Sea routes. Ahead of Thursday’s USDA export sales report, traders expected weekly net US wheat sales of 200,000 to 500,000 metric tons. Analysts surveyed ahead of Friday’s supply and demand reports expected the USDA to raise its forecast for 2026/27 US wheat ending stocks to 721 million bushels, from 717 million last month, and to slightly raise its estimate of world ending stocks.
