Wheat futures on the Chicago Board of Trade fell more than 3 percent on Wednesday after the US Department of Agriculture's estimates of US winter wheat production and all-wheat ending stocks were above trade expectations. K.C. hard red winter wheat and MGEX spring wheat futures followed CBOT wheat lower.
USDA estimated US 2015-16 winter wheat production at 1.505 billion bushels, up from 1.472 billion in May and above an average trade estimate of 1.474 billion. Most of the increase was in hard red winter wheat following widespread rains in the southern Plains last month. USDA raised its forecast of US 2015-16 wheat ending stocks to 814 million bushels, up from 793 million in May and above an average of trade estimates for 798 million. USDA trimmed its forecasts of US 2014-15 and 2015-16 world wheat ending stocks.