Bigger wheat crop forecast hits prices

Bigger wheat crop forecast hits prices

USDA reports expected corn and soybean ending stocks but surprises trade with larger wheat production estimate.

WHEAT prices in the Chicago, Ill., futures market dropped 5% in two days after the U.S. Department of Agriculture increased its U.S. hard red winter wheat production estimates more than expected to 887 million bu., up from its May forecast of 853 million bu.

Most traders had expected a smaller crop, not a bigger one.

USDA based its upward revision on ideas that late spring rains helped the crop. The larger hard red winter wh

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