Wheat futures settled sharply lower in most contracts on Wednesday. This morning, NASS showed 2017 all wheat production of 1.760 bbu, lower than the previous projection of 1.824 bbu. Most of the shift came from spring wheat, as that 422.9 mbu estimate was down 20.82% from last year. Winter wheat was shown at 1.279 bbu, an increase of 29 mbu since June. US 2017/18 wheat ending stocks increased 14 mbu to 938 mbu, which went against expectations. World ending stocks for 17/18 were down just 0.59 MMT to 260.6 MMT, as traders had expected a larger drop.
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