• The U.S. Department of Agriculture on June 11 forecast the carryover of wheat on June 1, 2020, at 1.072 billion bushels, down 69 million bushels from the May outlook and down 30 million bushels from a downwardly revised 1.102 billion bushels in 2018-19 (the 25-million-bushel decline in the 2019 carryover reflected a 25-million-bushel hike in estimated 2018-19 exports to 950 million bushels). As forecast, the 2020 wheat carryover would be the smallest since 976 million bushels in 2016 and compare with 1.022 billion bushels as the recent five-year average carryover.

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