Rabobank has reduced its estimates for global wheat prices for well into next year by about 40 US cents a bushel, or about $18 a tonne. The bank said a big global crop, helped by exceptional Black Sea prospects, should cap any price rallies and mute future volatility. It has lowered the price outlook for wheat from now until September next year by 40 US cents a bushel from its previous forecast released a month ago. Trading on the Chicago Board of Trade should range between 460 US cents a bushel and 480 US cents a bushel ($214/tonne-$224/tonne) until the next northern hemisphere wheat crop is harvested. Rabobank said Russia expected to produce a 78 million tonne wheat crop, the second consecutive record harvest. US Department of Agriculture’s World Agricultural Supply and Demand Estimates report released two weeks ago estimated the Russian wheat crop at 77.5 million tonnes, a 4.5-million-tonne rise on its July forecast. IKAR, the Russian Institute for Agricultural Market Studies, lifted its estimate of the national wheat crop from 77-80 million tonnes to 79-82 million tonnes on 22 august.