Wheat futures declined on Thursday, with prices looking to post their largest one-day percentage loss in about four weeks. The U.S. Department of Agriculture’s World Agricultural Supply and Demand Estimates report raised its U.S. wheat supply outlook for the 2023/2024 marketing year by 10 million bushels to 145 million bushels. Wheat prices are likely to continue to “face downward pressure simply due to the fact that Russia has an abundance of wheat, and they are having continued success exporting their product via the Black Sea,” said Jake Hanley, managing director, senior portfolio strategist at Teucrium. The most-active December wheat contract WZ23 was down 14 cents, or 2.4%, at $5.78 ¼ a bushel in Chicago, poised for the biggest daily percentage decline since Oct. 10, FactSet data show.
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