Wheat Futures Head Toward a 7-week High After USDA Report

Wheat futures climbed Wednesday after the U.S. Department of Agriculture cut its forecast on U.S. wheat production for the 2016/2017 crop year by 11 million bushels. However, it also raised its projection for U.S. ending stocks by 38 million bushels, noting that reduced supplies are "more than offset by lower projected use." December wheat rose 1.3% to $4.12 1/2 per bushel in Chicago. Futures prices haven't settled at a level that high since late August, according to FactSet data. November soybeans traded at $9.67 a bushel, up 1.3%. It hasn't settled at a level that high in over a week. December corn rose 0.4% to $3.47 a bushel.