Wheat Declines Before USDA Report on U.S. Inventories
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Wheat rose, erasing earlier declines, on speculation that a government report tomorrow will show U.S. inventories will fall before the 2013 harvest. Soybeans and corn were little changed.
Supplies may total 741 million bushels by the end of the marketing year May 31, less than the government’s forecast last month of 754 million bushels, according to a Bloomberg survey. The U.S. Department of Agriculture will update its estimate Jan. 11. Futures rose as much as 0.5 percent and fell as much as 0.4 percent today in Chicago. The USDA also may report tomorrow that farmers planted the most winter wheat crops in four years, according to the survey.