Wheat futures prices on Thursday logged their lowest settlement in about two months after the U.S. Department of Agriculture raised its global wheat production estimate because of record output in Russia. The USDA raised its world output projection on wheat for the 2017/2018 crop year to 743.18 million metric tons in its latest monthly report, from its previous estimate of 737.83 million metric tons. Russian wheat output "rocketed to a record 77.5 million metric tons, beating last year's record by 5 million tons," said Sal Gilbertie, president and chief investment officer at Teucrium Trading LLC. Corn and soybean futures also declined Thursday. The USDA production estimates "shocked the grain markets with corn yields beating trade estimates by about 3 bushels per acre and soybeans by almost 2 bushels per acre," said Gilbertie. September wheat fell 4.1%, at $4.40 1/2 a bushel. December corn ended at $3.71 a bushel, down 4% and November soybeans lost 3.4% to $9.40 1/4 a bushel.
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