USDA didn’t reduce its estimate of the 2018 U.S. wheat crop as much as the trade expected, said Steve Freed, grain research VP at ADM Investor Services. USDA estimated this year’s exports at 1.025 bln bushels, up from 901 mln last year, and “Some feel final exports could be even higher.”

Corn and soybean markets put pressure on U.S. wheat futures, CHS Hedging said. “The USDA lowered U.S. carryout 50 mln bushels to 935 mln, raising exports 50 mln bushels despite U.S. f.o.b. values being $15 to $50 below world competitors.”

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