Agriculture Report: Corn, Soybeans, Wheat Rally On Bullish Supply Data

August 11, 2011

 

Finally, wheat prices were joining in the rally, rising by $0.23 to $7.08/bushel.

 

 

The USDA now expects wheat ending stocks to total 671 million bushels, close to last month’s 670 million estimate and slightly above the analyst consensus of 668 million.

 

 

Wheat production may total 2.077 billion bushels, down from the 2.106 billion estimate of the prior month, but close to the 2.076 consensus.

 

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