The average analyst forecast was 1.811 billion bushels. Funds sold an estimated 5,000 wheat contracts.
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Traders noted a near 3 million tonne cut to the 2015 European Union wheat harvest, in keeping with downgrades by other forecasters in the light of dry, hot weather.
Total USA wheat production was pegged at 2.148 billion bushels, matching forecasts. Durum production was forecast at 75.5 million bus, up 42% from 53 million bus in 2014.
CHICAGO, July 10 (Reuters) – US corn futures reached one-year highs and soybeans jumped on Friday as the US Agriculture Department made bigger-than-expected cuts to its estimates for stocks of crops left over from last year’s harvests. The U.S.D.A. 2016 wheat carryover number was below the average trade expectation of 855 million bus.
September wheat added 1.0 percent to $5.83-1/4 a bushel and August soybeans added 0.6 percent to $10.32-1/2.
Its US forecast for hard red winter wheat, the type most commonly grown in Kansas, is down 2 percent to 866 million bushels. The USDA 2016 soybean carryover number was above the trade average of 378 million bushels.
Corn ending stocks for the 2015/16 crop year will be 1.599 billion bushels USDA said. Soybean prices on Tuesday fell to the lowest levels in more than a week amid worries a rout in the stock market in China, the world’s largest buyer of the oilseeds, would slow demand for USA supplies of the crop. Soybean production in 2015 was projected at 3,885 million bus, up 35 million bus from the June projection based on harvested area of 84.4 million acres, up 700,000 acres from June, and average yield of 46 bus an acre, unchanged from June.
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CHICAGO-U.S. grain and soybeans futures gained in early trade Friday as traders squared positions ahead of a monthly government report and concerns eased somewhat over China’s economy.
