Fastest Wheat Sales in Six Years Diminish Inventory: Commodities
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The U.S. and European Union are selling wheat at the fastest pace in at least six years, diminishing stockpiles even as farmers reap a record crop.
Sales from the U.S. in the past three months surged 38 percent from last year and export licenses issued by the 28-nation EU more than doubled, government data show. World inventories will drop to a five-year low by June 30 as farmers harvest 705.4 million metric tons, the U.S. Department of Agriculture estimates. Futures will rise 15 percent to $7.40 a bushel by the start of the next season on July 1, according to the median of 10 analyst estimates compiled by Bloomberg.