The USDA reduced its forecast of global wheat supplies for 2012/13 by 7M tons, based on higher consumption reducing carryin and lower world production, according to the latest World Agricultural Supply and Demand Estimates report. The report held its forecasts steady for U.S. feed grain supplies for 2012/13 and projected 2012/13 season average price ranges for corn, sorghum, barley, and oats.
Asian shares tumbled to nine-month lows on Thursday as slowing Chinese manufacturing activity exacerbated sentiment …