USDA raises 2017 wheat carryover 3% from March.

The U.S. Department of Agriculture in its April 11 World Agricultural Supply and Demand Estimates report raised its forecast for 2017 U.S. Wheat carryover by 3% from its March forecast to near a 30-year high. The USDA also raised its soybean carryover forecast by 2% from March but left corn carryover unchanged. USDA forecast the carryover of wheat on June1, 2017, at 1.159 billion bushels, up 30 million bushels from 1.129 billion bushels forecast last month and up 183 million bushels, or 19%, from 976 million bushels in 2016. USDA forecast was above the average but within the range of pre-report trade expectations.