Wheat prices fell to their lowest level in three years

The movement in wheat prices continues.

Wheat futures traded on the Chicago Stock Exchange fell to their lowest level in three years due to large supplies of cheap Russian grains and an upward revision of production forecasts in the United States.

However, expectations that the harvest would be weak in Argentina and Australia limited losses.

Corn and soybeans decreased.

SURPRISE INCREASE IN PRODUCTION FORECASTS

Wheat futures contracts with the highest trading volume on the Chicago Stock Exchange Wv1 After hitting the lowest level since September 2020 at $5.40 per bushel on Friday, it declined 0.3 percent to $5.63 per bushel, or $206.9 per ton. refused.

The US Department of Agriculture (USDA) on Friday unexpectedly raised the US production estimate from 1.734 million bushels to 1.812 million bushels.

Sweet corn CV1 decreased 0.6 percent to $4.85/bushel, or $190.9/ton. fell.

Soybean Lv1 decreased 0.5 percent to $12.70/bushel, or $466.6/ton. refused. (REUTERS)