Wheat futures slip after eight straight gains as USDA confirms bump in exports

News Snapshot:

U.S. wheat futures fell Friday for their first loss in nine sessions, while soybeans and corn edged lower following the U.S. Department of Agriculture's monthly supply and demand report. The USDA raised its forecast for global wheat production by ~1M metric tons to 783M million for the 2023-24 marketing year and revised its outlook for U.S. wheat exports 25M bushels higher, which was not seen as a surprise by traders. U.S. wheat futures had been rising in reaction to the recent wave of Chinese export purchases, with traders anticipating the reduction in ending stocks forecast by the USDA in the...