Wheat futures touched their lowest intraday prices since late 2020 on Tuesday, then moved up modestly after the U.S. Department of Agriculture left its 2023/2024 U.S. all wheat outlook for supply and use unchanged in its latest World Agricultural Supply and Demand report released Tuesday. The USDA forecast U.S. total wheat supply for the 2023/2024 crop year at 2.444 billion bushels and domestic use at 1.829 billion bushels, which would see ending stocks of 615 million bushels at the end of that crop year. The most-active December wheat contract WZ23 was up 1 ¼ cents, or 0.2%, at $5.85 ¾ a bushel in Chicago. It traded as low as $5.70, the lowest intraday level for a most-active contract since Dec. 9, 2020, according to Dow Jones Market Data.

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