Conjecture about the U.S. reducing global supplies projections pulled down the price of wheat futures on Wednesday, marking the second consecutive trading session of losses for the grain, according to Bloomberg.
Next year's harvest in the Northern Hemisphere is forecast to drop to 172.77 million metric tons, a 2.2 percent reduction as compared to figures released by the U.S. Department of Agriculture last month. Australia cut its projection for harvesting of the grain in September while Russia on Wednesday reduced its forecast for the export of the grain.
"Fundamentals are still bullish," agricultural-derivatives broker Kieran Walsh with Aurel BGC in Paris told the news source. "It would not be entirely unexpected for the USDA report to cut global production outlook, and Russian exports were at the lower end of estimates."
At 9:53 a.m. on Wednesday, wheat futures climbed 0.64 percent, a 0.055 cent loss to $8.6975 per bushel.
Western Europe wheat prices were essentially neutral in anticipation of the U.S. releasing an important report about crops later this week, according to Reuters.
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