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July 10, 2020, 12:56 p.m. EDT

Wheat futures poised for highest finish since April as USDA cuts forecast for global supplies

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By Myra P. Saefong

Wheat futures climbed Friday, on track to settle at their highest level since April, after the U.S. Department of Agriculture reduced its outlook for 2020/2021 global wheat supplies by 2.9 million tons to 1.066 billion and said "larger beginning stocks are more than offset by reduced production." In its monthly World Agricultural Supply and Demand Estimates report , the USDA also lowered its global ending stocks forecast by 1.3 million tons to 314.8 million but said that figure remained "record large," with China accounting for 51% of the total. September wheat rose 8 1/2 cents, or 1.6%, to $5.33 1/2 a bushel. A settlement around this level would be the highest for a most-active contract since April 23, according to FactSet data.

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