3 Big Things Today, December 19, 2024 [Video]

Wheat futures were lower in overnight trading amid favorable weather in parts of Australia. 

Rainfall will be limited in the next 10 days, allowing farmers to get back into fields and continue harvesting their wheat, said Don Keeney, an agricultural meteorologist with Maxar. 

Rainfall will favor parts of Queensland and Victoria into the weekend, the forecaster said. 

Precipitation fell in parts of the U.S. Delta region where soft red winter wheat is overwintering. Rains in northern growing areas likely improved crop prospects. 

Global wheat production in the 2024/2025 marketing year is now forecast by the U.S. Department of Agriculture at around 793 million metric tons, up slightly from 791.2 million a year earlier. 

Russian output, however, is expected to plunge year over year amid unfavorable weather throughout much of the growing season. Production is now forecast at 81.5 million metric tons, which would be down from 91.5 million tons last …