Wheat Gets Whipsawed After USDA Report

Benchmark wheat futures in Chicago soared 23 percent last month, the most in two years, as worries mounted for crops in the northern U.S. and other growing regions amid dry weather. But the fears may have been overblown. This week, the U.S. Department of Agriculture posted a smaller-than-expected cut to its domestic production forecast and price momentum shifted, sparking a record loss for the September contract on Thursday.

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