Wheat climbs to its highest price since May as USDA cuts U.S. supply forecast

Wheat prices extended their rally Thursday after the U.S. Department of Agriculture lowered its U.S. and global supply forecasts for the 2021/2022 marketing year. The USDA forecast s U.S. all wheat production at 1.697 billion bushels, down 49 million bushels from the previous forecast. It also reduced its global wheat supply forecast to 1.0657 billion tons, down 16.8 million tons from its previous forecast, citing lower production for Russia, Canada and the United States. The most-active September wheat contract was up 20 cents, or 2.8%, at $7.47 1/2 a bushel in Thursday dealings after touching a high at $7.57 1/4. Prices haven't traded at levels this high since the first half of May. Prices were trading at $7.33 shortly before the USDA report. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Wheat climbs to its highest price since May as USDA cuts U.S. supply forecast
Wheat prices extended their rally Thursday after the U.S. Department of Agriculture lowered its U.S. and global supply forecasts for the 2021/2022 marketing year. The USDA forecast s U.S. all wheat production at 1.697 billion bushels, down 49 million bushels from the previous forecast. It also reduced its global wheat supply forecast to 1.0657 billion tons, down 16.8 million tons from its previous forecast, citing lower production for Russia, Canada and the United States. The most-active September wheat contract was up 20 cents, or 2.8%, at $7.47 1/2 a bushel in Thursday dealings after touching a high at $7.57 1/4. Prices haven't traded at levels this high since the first half of May. Prices were trading at $7.33 shortly before the USDA report. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.