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Spring wheat futures built on Thursday’s limit-up performance overnight, while corn and soybeans also traded higher. Winter wheat futures eased a bit from yesterday’s strong gains.
New-crop corn futures rally after USDA cuts U.S. yield estimate; wheat surge on tighter supplies.
Based on U.S. Drought Monitor data as of May 10, 68% of the U.S. winter wheat crop area was experiencing drought, down one percentage point from the previous week.
Wheat futures rocketed higher on the bullish report data.
USDA also expects a drop in 2022-23 global wheat production and supplies.