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Jan. 12, 2022, 12:32 p.m. EST

Wheat futures decline as USDA says U.S. sales continue to be 'sluggish'; corn futures also fall

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By Myra P. Saefong

Wheat futures eyed their first loss in four sessions on Wednesday after the U.S. Department of Agriculture lifted its forecast on U.S. ending stocks and said domestic wheat sales and shipments "continue to be sluggish as U.S. wheat remains uncompetitive in several markets." The USDA raised the domestic ending stocks forecast for the 2021/2022 marketing year by 30 million bushels to 628 million bushels. Still, the figure is down 26% from last year and the lowest level since 2013/2014, the government agency said. March wheat was down 14 cents, or 1.8%, at $7.56 1/4 a bushel, following three consecutive session gains, FactSet data show. Corn futures, meanwhile, declined as the USDA raised its domestic production estimate for the 2021/2022 marketing year by 53 million bushels to 15.1 billion bushels and lowered its forecast for U.S. corn exports by 75 million bushels to 2.425 billion bushels. March corn fell 5 1/2, or 0.9%, to trade at $5.95 1/2 bushel, with prices for the most-active contract on track to settle at their lowest since Jan. 3, FactSet data show.

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