CBOT wheat futures fall

Chicago Board of Trade wheat futures fell Wednesday after a US Department of Agriculture crop progress report indicated the US winter wheat crop was in better condition than analysts expected. The USDA late on Tuesday rated 59 percent of US winter wheat as good to excellent, above an average of trade estimates for 57.6 percent, and up from 44 percent rated good to excellent a year ago.
Additional pressure from some forecasts for improved moisture said in the southern Plains wheat belt next week. Private analyst Informa Economics forecast US 2016/17 winter wheat production of 1.377 billion bushels, above the 1.370 billion bushels produced a year ago. The USDA is expected to release its first 2016/17 US winter wheat production estimate on May 10. Algeria's state grains agency, OAIC, issued a tender to buy optional-origin milling wheat for shipment in June. The tender sought a nominal 50,000 tonnes, but Algeria often buys considerably more in its tenders than the nominal volume sought.