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Wheat futures eye first gain in 5 sessions; USDA forecasts U.S. ending stocks at lowest in 16 years - Stock Market Latest

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,
+0.04%

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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