Rising global wheat prices appear to be boosting supply and cutting into global demand, but at the same time global corn supplies are tightening, according to the March 10 crop estimates from the US Department of Agriculture (USDA). This grain supply estimate is the last before the critical Prospective Plantings report scheduled for release by USDA March 31, and as is often the case grain values began to pull back basis the CME (Chicago Board of Trade) futures contracts this week. Analysts said speculators are exiting grain futures ahead in no small part because they do not see grain values getting much
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