US MIDDAY: wheat down

Wheat was down 20 to 27 cents per bushel, May down 23-1/2 at $9.08 per bushel. Profit-taking, USDA forecast for increased global wheat stocks and rains in dry wheat areas of Texas lead way down. Early support from USDA forecast for US wheat ending stocks below estimates.
MGE May spring wheat down 46 at $12.69 per bushel. In Paris, milling wheat futures were down 0.50 to 6.75 euros per tonne. USDA left its estimate of 2007/08 US wheat ending stocks unchanged at 242 million bushels, below an average of analysts' estimates for 263 million. USDA raised its estimate of 2007/08 world wheat ending stocks to 112.48 million tonnes, from 110.4 million. Minor amounts of rain seen for drier US Southwest. Japan and Jordan seek wheat. ONIGC lifts 2007/08 wheat stocks forecast to 2.6 million tonnes. Russia launches wheat futures trade.