Smaller wheat carryover forecast for 2020 boosts wheat futures

摘要

WASHINGTON — The U.S. Department of Agriculture in its July 11 World Agricultural Supply and Demand Estimates report forecast the carryover of U.S. wheat on June 1, 2020, at. 1,000 million bus, down 72 million bus, or 7%, from 1,072 million bus as both the June forecast and the 2018 carryover estimate and below the average of trade expectations.The cut in the carryover was driven by a boost in projected 2019-20 exports as the result of a large cut in world wheat production and trade.