Wheat Has Longest Rally in Seven Weeks on Supply Outlook
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Wheat rose, capping the longest rally in seven weeks, after the U.S. Department of Agriculture lowered its forecast for global stockpiles and said domestic cattle producers will use more of the grain as livestock feed.
Global stockpiles will be 173 million metric tons on May 31, down from 176.71 million estimated on Sept. 12, the USDA said today in a report. World production was forecast at 653.05 million tons, down 0.9 percent from last month. About 315 million bushels in the U.S. will be fed to cattle, up from last month’s estimate of 220 million, the USDA said.