Trial now

Heads North


Bearish Cycle Still In Play


Death Cross Adding Pressure


Risk Off Prompts Safe Haven Demand

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.