U.S. farmers produced more wheat than expected this year, per the USDA. This summer’s drought in the Upper Midwest, especially North Dakota, damaged wheat production, but farmers likely produced a sufficient wheat crop.
In its quarterly report released on Friday morning, the USDA raised projections for the spring wheat crop and generally showed more wheat for this year than most analysts were expecting. This news knocked Minneapolis spring wheat values to $6.20 per bushel, near the lowest price since mid-June.
The same report showed smaller stockpiles of corn and soybeans, which helped boost those markets, which traded at $3.57 and $9.73 per bushel, respectively, on Friday.