Wheat futures climbed on Thursday, setting prices up for their highest finish in nearly two weeks after a monthly report from the U.S. Department of Agriculture revealed a lower estimate for domestic 2019/2020 wheat supplies, along with higher expectations for domestic use. “Global wheat supplies are still the highest on record, but global wheat demand is also the highest on record, and the markets are reacting to the USDA statement that ‘global [wheat] supplies [are] declining more than projected use,'” said Sal Gilbertie, president and chief investment officer at Teucrium Trading. The USDA said 2019/2020 ending stocks will be 72 million bushels lower than last month’s estimate, to 1 billion bushels, while total domestic use was pegged at 2.1 billion bushels, down 60 million from the June estimate. September wheat WU19, +3.22% added 12 cents, or 2.4%, to $5.16 3/4 a bushel. A settlement around this level would be the highest for a most-active contract since June 28, FactSet data show.