Chicago wheat futures eased as well as large global supplies overshadowed lower U.S. acreage estimates, Allendale said.

Yesterday’s U.S. weekly export inspections had wheat exports running 10% behind a year ago with the USDA currently forecasting an 11% increase on the year, ADM Investor Services said.

Several KC wheat months made new contract lows in yesterday’s trade, but managed to close back up near their daily highs, said CHS Hedging.

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