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U.S. wheat futures fell Wednesday after the U.S. Division of Agriculture reduce its 2022-23 outlook for U.S. wheat exports by 50M bushels to 775M bushels, which might be the bottom quantity of home wheat exports since the 1971-1972 advertising yr.
The USDA cited “decreased provides, gradual tempo of export gross sales, and continued uncompetitive U.S. export costs” for the decrease export forecast.
In its month-to-month WASDE report, the federal government additionally reduce expectations for U.S. wheat ending shares by 34M bushels to 576M bushels, which might be the bottom for the reason that 2007-08 advertising yr.
“The explanation why this report was bearish towards expectations is as a result of USDA lowering feed demand and exports greater than anticipated,” Craig Turner of Daniels Buying and selling mentioned.
Chicago wheat (W_1:COM) for December supply closed -1.9% to $8.87 1/2 per bushel, whereas November soybeans (S_1:COM) ended +1.4% to $13.96 3/4 per bushel and December corn (C_1:COM) completed flat at $6.93 3/4.
ETFs: (NYSEARCA:WEAT), (SOYB), (CORN), (DBO), (MOO)
Soybean futures rose after the USDA unexpectedly reduce its U.S. harvest forecast and raised imports by prime soy purchaser China.
The USDA’s Crop Progress report launched Tuesday confirmed harvesting within the U.S. was ramping up, with the corn harvest now 31% full in comparison with a five-year common of 30%, and the soybean harvest 44% full vs. the five-year common of 38%.
An uptick in crop situations suggests farmers are discovering higher than anticipated yields in the midst of harvesting, AgResource mentioned.
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