Wheat Has Longest Losing Run Since Mid-December as USDA Sees Record Supply
Wheat futures tumbled as much as 1.2 percent, dropping for a fourth day to post the longest losing run since mid-December, after the U.S. Department of Agriculture predicted record world stockpiles.
Wheat fell as low as $6.3825 a bushel, the cheapest since Jan. 30, before trading at $6.3925 at 9:32 a.m. Singapore time.
The grain dropped the most in four weeks yesterday after the agency said global stockpiles may climb to an all-time high before the next harvest, signaling ample supply and lower food prices.
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