US Department of Agriculture (USDA) has cut its forecast for global wheat production in 2010-11, but by less than expected. USDA now predicts total output of 643 million tonnes for the current agricultural year, down from its August forecast of 645.7 million.
Wheat futures advanced for the first time in four sessions in Chicago trading after Ukraine, the second-largest exporter in the former Soviet Union last year, said it will probably limit overseas sales, following Russia’s restrictions on trade.