Wheat futures were mostly higher on Friday after the US Department of Agriculture cut its forecasts of US and world wheat ending stocks below trade expectations, traders said. USDA lowered its forecast of US 2014/15 wheat ending stocks to 654 million bushels, down from 698 million in September and below an average of trade estimates for 704 million. USDA cited higher domestic feed use and exports.
USDA cut its 2014/15 world wheat ending stocks forecast to 192.59 million tonnes, from 196.38 million in September, surprising analysts who expected no change. An uptick in the US dollar and steep losses in the corn pit added pressure, along with concerns about slowing global growth.
Egypt's main state wheat buyer bought 175,000 tonnes of French and Russian wheat at an international tender. No US wheat was offered. Heavy rains soaked parts of top winter wheat producer Kansas overnight, recharging soil moisture for newly seeded crops. Thunderstorms were forecast for Friday afternoon and evening from western Texas into south-central Oklahoma. Paris-based Euronext wheat futures slipped for a third session, hitting a one-week low as concerns about hefty grain stocks in France added to bearish sentiment about ample global supply.
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