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NEW YORK—Wheat futures fell sharply Friday after the government forecast increased U.S production and a record global crop, while corn futures surged to a new high on lingering concerns about the weather.

The U.S. Department of Agriculture predicted global wheat production will rise to a record 656 million tons in 2008 and 2009 after historically high prices prompted farmers around the world to plant more of the crop.

“The high price did its job and got the acres,” said Jason Ward, an analyst at Northstar Commodity.

Consumption is also expected to surge, kee...