Wheat futures were down heavily to start the week, undermined by ideas that US prices are still too high to attract export buyers.
Reports today said that Pakistan had purchased almost 1 million tonnes of wheat in two separate deals, with almost all the business expected to be with Russia. That reinforced the notion that American supplies remain uncompetitive in the world market. March Chicago wheat tumbled 22 cents to $7.39, March Kansas City lost 29 cents to $8.41 ¾, and March Minneapolis dropped 19 ¼ cents to $9.02.
The losses in wheat and concern about slow US exports pressured corn. March corn dropped 5 ¾ cents to $6.40 ½, and new-crop December 2023 lost 2 ¾ cents to $5.95 ¼.
Soybeans were little changed on the day. January soybeans dipped ¾ of a cent to $14.37 ¾, and November 2023 was down a penny at $13.76 ¾.