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Wheat Drops After IGC Raises Global Output Estimate

IGC Raises Output Expectations, Keeps Inventories Unchanged as Consumption Rises.

Wheat futures closed lower after the International Grains Council raised its outlook for global production in a report on Thursday. 

World wheat output is pegged at 752 million metric tons in the 2016-17 marketing year, up from a November outlook for 749 million tons, the IGC said in its report. Inventories, however, were unchanged from the last projection as the IGC raised consumption.

Total grain production was raised to 2.094 billion tons from 2.084 billion in the previous report, according to the IGC. Its inventories forecast increased by 3 million tons to 507 tons depsite an increase in consumption. 

Wheat futures for March delivery dropped 8¢ to $4.23 a bushel on the Chicago Board of Trade. Kansas City futures declined 10¼¢ to $4.42 a bushel in Chicago.

Soybeans gave back some of the almost 30¢ gains the past two days, dropped 5¢ to $10.70 a bushel. Soymeal dropped $3.10 to $348 a short ton, and soy oil lost 0.12¢ to 35.46¢ a pound.

Corn futures for March delivery added 1½¢ to $3.66½ a bushel in Chicago. 

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