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On June 8, according to media reports, the CBOT soft red winter wheat futures market closed down, and the benchmark period closed down by about 1.80%.
After rising for five consecutive trading days and hitting the highest point in nearly three weeks, wheat prices fluctuated downward on Wednesday.
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The U.S. Department of Agriculture is due to release a supply and demand report on Friday, fueling speculation that the government may raise its forecast for U.S. wheat production.
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Analysts on average expect the U.S. wheat production estimate for 2023/24 to be revised up to 1.67 billion bushels, up from a May forecast of 1.659 billion bushels, according to a survey of analysts.
