: Wheat futures eye first gain in 5 sessions; USDA forecasts U.S. ending stocks at lowest in 16 years
Wheat futures climbed on Friday, with prices looking to post their first gain in five sessions after the U.S. Department of Agriculture lowered its U.S. all-wheat yield projection and forecast that domestic ending stocks would be at their lowest in 16 years. The latest monthly World Agricultural Supply and Demand Estimates reported projected the all-wheat yield for the 2023/2024 marketing year at 4.7 bushels per acre, 1.8 bushels lower than last year. The report also forecast U.S. 2023/2024 wheat ending stocks at 556 million bushels. Ending stocks could fall to the lowest in 16 years, the USDA said. The most-active July wheat contract WN23 was up 8 ¼ cents, or 1.3%, at $6.35 ½ a bushel in Chicago. Prices remained significantly lower year to date.
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