Wheat futures plunged in overnight trading after the U.S. Department of Agriculture narrowly raised its outlook for global production and inventories.
Domestic stockpiles at the end of the 2024-2025 marketing year that started on June 1 are now forecast at 815 million metric tons, up from a prior outlook for 812 million tons and the previous year’s 696 million tons, USDA said in a report on Friday.
The agency also raised its outlook for global production slightly but also bumped its projection for use, resulting in ending stocks that were little changed month to month.
Soybean futures, meanwhile, were higher overnight after the agency slashed its forecast for domestic ending stockpiles to 470 million metric tons from the October outlook for 550 million tons.
Corn inventories at the end of the grain’s 2024-2025 marketing year that started on Sept. 1 are now forecast at 1.938 billion bushels from 1.999 billion …