date:May 13, 2014
at 1.963 billion bushels, also down from the pre-report estimates.
The ag department reduced its old-crop U.S. wheat carryover estimate to 583 million bushels, also, down from the pre-report estimates. And it pegged its new-crop carryover estimate at 540 million
bushels--lower than expected.
However, USDA put the 2014-15 world wheat carryover at 187.42 MMT, higher than the pre-report estimate of 184.53 MMT.
Wheat futures were seeing some spillover selling pressure from the corn futures.