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“Wheat was not immune to the early weakness, but it did recover better than the other grain markets,” John Wesley Willson, with CHS Hedging, said. “The wheat complex saw two-sided trade as the market attempted to go positive during Friday’s session. Several deferred months in the Chicago and KC contract managed to close in positive territory.”

“The International Grains Council revised their wheat output for the global 21/22 crop by 1 MMT lower to 788 MMT,” said. “Total grain production and use were both expected to be records in 21/22 with feed contributing the largest to total grain use. For new crop wheat, IGC also increased global trade for a net 3 MMT tighter stockpile of 280 MMT.”

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