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Free AccessWASDE shows few revisions to the wheat crop.>
US DATA: WASDE shows few revisions to the wheat crop statistics. 2017/18
US wheat area planted estimate unrev at 46.0m acres, while area
harvested unrev at 37.6m. Wheat production unrev at 1.741b bushels in
2017/18, while import unrev at 150m, so total supply unrev at 3.071b vs
3.402b in 2016/17. Domestic use unrev at 1.136b, down slightly from
1.167b in 2016/17, while exports rev up to 1.000b from prev 975m, so
total use rev up to 2.136b vs prev 2.111b, down from 2.222b in 2016/17.
The estimate for 2017/18 ending stocks rev down to 935m. Average farm
bushel price for wheat expected to be $4.40-$4.80 for 2017/18, unrev
from prev estimate. The average price was estimated to be $3.89 in
2016/17. Also released, the November Citrus Forecast Report showed that
the 2017/18 forecast for Florida all orange production was rev down to
50.0m boxes, the lowest since the 1945-46 season. See MNI main wire.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.