Wheat pares some gains, settles flat

Wheat prices held steady on Tuesday, after the release of the USDA report, in which the department lowered its forecasts for ending stocks in the 2019/2020 season by about 40 million bushels to a total of 974 million bushels (5-year low.)

The US Department of Agriculture lowered its wheat import expectations by 15 million bushels to 105 million bushels during the same season (9-year low.)

Trades at the Chicago Commodity Exchange are anticipating the new USDA estimates for weather effects on expected wheat and corn yields and on crop quality by next January

Wheat futures (March delivery) rose by nearly 0.1% or 2 cents to close at $5.23 a bushel, and hit an intraday high of $5.28 and a low of $5.19.