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Wheat Prices End at Three-Week High

After WASDE report released Friday, corn falls from its highest since 2013

Wheat via Pixabay April 2021

Wheat futures climbed on Friday, with prices ending at their highest in over three weeks, while corn futures eased back from their highest level in almost eight years after a monthly supply and demand report from U.S. Department of Agriculture, reports Yahoo Finance.

The USDA forecast world wheat supplies at 1,076.5 million metric tons for the 2020/2021 marketing year, down from a previous forecast of 1,777.07 million, according to the World Agricultural Supply and Demand Estimates report released Friday. The government agency, however, also said world wheat production remains at a record 776.5 million metric tons.

Meanwhile, 2020/2021 ending stocks of wheat in the U.S. were forecast at 852 million bushels, compared with the previous projection of 836 million bushels.

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