3 Big Things Today, December 16, 2024 [Video]

Wheat futures were higher in overnight trading amid production woes in Russia. 

Production in Russia in the 2024/2025 marketing year was forecast by the U.S. Department of Agriculture at 81.5 million metric tons last week. 

That would be, if realized, down from 91.5 million metric tons a year earlier. 

Adverse weather including frost at the beginning of the growing season and dry weather during critical growth stages curbed output. 

Exports from the country are projected by USDA to fall to 47 million metric tons this year from 55.5 million a year earlier. 

U.S. production, meanwhile, is forecast at 53.7 million metric tons, up from 49.1 million metric tons the previous year, the agency said. 

Exports will increase to 23.1 million metric tons from 19.2 million the year prior, USDA said. 

Wheat futures for March delivery rose 3¾¢ to $5.56 a bushel overnight on the Chicago Board of Trade, while Kansas …