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Wheat prices pressured by record world crop

U.S. wheat prices are under pressure from a record world crop and because falling U.S. corn prices have led to reduced demand for feed wheat.

Increased supplies in major wheat producing and exporting countries are putting downward pressure on prices, despite a record world trade forecast to reach 154.3 million tons in 2013-14, according to a USDA Economics Research Service report.

U.S. wheat prices are also under pressure because falling U.S. corn prices following the rebound in the 2013-14 U.S. corn crop have led to reduced demand for feed wheat.

U.S. season average farm prices are currently forecast in the range of $6.65 to $7.15 per bushel, the midpoint of that range down more than 11 percent from the 2012-13 record of $7.77.

World wheat production in 2013-14 is predicted to set a record at 711.4 million tons, according to the ERS report. That would be 2 percent above the previous record set in 2011-12.

The average per hectare yield is forecast at 2.9 percent above the previous record.

A record crop in Canada and larger harvests in Australia and the Black Sea exporters (Russia, Ukraine, and Kazakhstan) are major contributors to the increase in global wheat output.

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