Wheat| The market expected bearish wheat news from the USDA’s new-crop

The market expected bearish wheat news from the USDA’s new-crop supply and demand report, but the news was way more bearish than anyone had surmised. However, the new wheat balance sheets may be slightly distorted because of China. USDA projected world wheat reserves to climb to a record 257 million tonnes by the end of the 2016-17.