Wheat futures fell Thursday after settling a day earlier at their highest since August. Prices declined “in reaction to historically high global wheat stocks,” said Sal Gilbertie, president and chief investment officer at Teucrium Trading LLC. In a monthly report, the U.S. Department of Agriculture on Thursday lowered its forecast on global wheat ending stocks for the 2017/2018 crop year by 1.9 million tons, but said they “remain significantly higher than a year ago.” March wheat fell 1% to $4.56 a bushel. Corn futures were flat after earlier gains, with the March contract at $3.65 1/4 a bushel. March soybeans added 0.4% to nearly $9.87 a bushel.
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