Wheat Falls on Rising World Crop Outlook; Corn, Soybeans Steady

Wheat fell, halting the longest rally since July, on speculation that a rebound in global output will reduce demand for supplies from the U.S., the biggest shipper. Corn and soybeans were little changed.

Soft-wheat production in the European Union may rise 2.6 percent to 127.77 million metric tons, the Brussels-based grain- industry lobby Coceral said today. SovEcon raised its Russian grain-crop forecast to 84 million to 89 million tons from 80 million to 87 million last month and up from 70.9 million a year ago.

“Global wheat production will be higher this year,” Jerry Gidel, the chief feed-grain analyst for Rice Dairy LLC in Chicago, said in a telephone interview. “Weather appears more conducive for producing bigger crops.”

Wheat futures for May delivery dropped 0.5 percent to $7.2125 a bushel at 11:02 a.m. on the Chicago Board of Trade. The price rose in the previous six sessions.

Corn futures for May delivery rose 0.1 percent to $7.17 a bushel in Chicago.

Soybean futures for May delivery climbed less than 0.1 percent to $14.3575 a bushel on the CBOT.

U.S. export sales of soybeans for delivery before Aug. 31 increased 68 percent from a week earlier to 657,724 metric tons in the week ended March 7, the U.S. Department of Agriculture said yesterday. At major ports in Brazil, 195 ships set to haul soybeans and oilseed products were berthed, arrived or expected as of yesterday, 14 more than a week ago, SA Commodities and Unimar Agenciamentos Maritimos said.

To contact the reporter on this story: Jeff Wilson in Chicago at jwilson29@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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