USDA boosts forecast for wheat production
The U.S. Department of Agriculture on Friday boosted its forecast for wheat production.
As Reuters reports, the USDA raised its forecast for overall winter wheat production from 1.246 billion bushels to 1.250 billion bushels
The report was expected to reflect a decrease in overall production to 1.239 billion bushels.
The USDA also increased its yield projection in Kansas – the top producing state - from 42 to 44 bushels per acre, despite concerns that the crop was severely damaged by a late April snowstorm.
The USDA also reported that wheat ending stocks for the 2017-18 marketing year that began June 1 would be around 924 million bushels, 10 million bushels higher than its May estimate.
But as Reuters reported Monday, Chicago wheat futures slid for a second session on Monday, giving up some of last week's gains from the USDA’s higher production forecast.