Wheat Prices Plummet as World Stocks Rise

The wheat market experienced weakness across its three main markets as the week drew to a close. Chicago SRW contracts saw losses ranging from 8¼ to 16¼ cents, with December's price slipping by 6½ cents on the week.

Kansas City HRW futures were also under pressure, with contracts falling between 10 and 20¼ cents lower. The price of December KC HRW was down by 8¾ cents since last Friday.

The Minneapolis spring wheat market saw losses of 12½ to 20¼ cents in its contracts, while December's price remained steady for the week.

The USDA left US production estimates unchanged as they await the Small Grains Summary on September 30. The rest of the US balance sheet was also left unaltered, with US carryout remaining at 717 million bushels (mbu).