Wheat futures were on track Wednesday to post their first gain in four sessions. Wheat’s supply and demand outlook for the 2022/2023 marketing year is “largely unchanged” in the World Agricultural Supply and Demand Estimates report from the U.S. Department of Agriculture released Wednesday. The report also showed expectations for an increase of 1.4 million tons to 791.2 million tons in global wheat consumption, and pegged projections for 2022/2023 global wheat ending stocks at 269.3 million tons, up 0.9 million tons from the previous estimate. In a separate report, the USDA forecast higher 2022/2023 global production on larger crops from Australia and Russia. Darin Newsom, Barchart senior market analyst, told MarketWatch, there is “no reason for wheat to rally except for fund traders are already net-short futures.” March wheat WH23, +1.40% was up 8 cents, or 1.1%, at $7.57 ¾ a bushel after posting three-straight session declines.
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