HIGHLIGHTSTricky Outlook: Traders continued to react to the USDA's new outlook for 2024/25 wheat on Friday, putting those futures under pressure all day. "The USDA paints a rosy picture for U.S. wheat supplies, which in itself should put downward pressure on wheat prices," said Commerzbank in a note. However, the firm adds, initial outlooks that the USDA issues as part of its Agricultural Outlook Forum are subject to change. Speaking at the USDA's Agricultural Outlook Forum, Karavaytsev said "insurance premiums have increased, and some underwriters have pulled out to see how the situation will pan out." AHEAD-The USDA and the Chicago Board of Trade will be closed in observance of Presidents Day, reopening on Tuesday.

Source: Wall Street Journal February 17, 2024 08:09 UTC