Feb. 11 (Bloomberg) -- Wheat futures tumbled the most in five weeks on signs of declining demand for exports from the U.S., the world’s biggest shipper.
From June 1 to Feb. 7, 622.5 million bushel were inspected for export, down 10 percent from a year earlier, U.S. Department of Agriculture data showed today. Inspections last week were 22.5 million bushels, behind the weekly pace of 26.7 million needed to meet the USDA’s forecast for shipments of 1.05 billion bushels in the 12 months ending May 31.
“The number this morning is not reaching the average we need on a weekly basis,” Brian Hoops, the president of Midwest Market Solutions in Springfield, Missouri, said in a telephone interview. “Until we consistently see exports at an above-average level, it’s unlikely that people are buying into wheat.”
Wheat futures for March delivery fell 2 percent to settle at $7.415 a bushel at 2 p.m. on the Chicago Board of Trade, the biggest decline for a most-active contract since Jan. 2. The grain has dropped 4.7 percent this year.
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