Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Wheat Falls to 2-Week Low on Record Global Crop; Corn, Soy Drop

Don't Miss Out —
Follow us on:

May 15 (Bloomberg) -- Wheat futures tumbled to a two-week low on speculation that global production will surge to a record in the year that starts June 1. Corn and soybean prices also declined.

The world will harvest 701.1 million metric tons of wheat next year, the most-ever, the U.S. Department of Agriculture said in a report on May 10. Russia will expand output by 48 percent to 56 million tons, while Ukraine’s crop surges 40 percent, USDA data show. The agency predicts the U.S. will be the biggest exporter next year, followed by Canada, Russia, Australia and Ukraine. Prices are down 11 percent this year.

“If you look at most of the key growing regions, we’re looking at a large wheat crop worldwide,” Jonathon Driedger, a senior market analyst at FarmLink Marketing Solutions, said in a telephone interview from Winnipeg, Manitoba.

Wheat futures for July delivery fell 2.4 percent to settle at $6.9375 a bushel at 1:15 p.m. on the Chicago Board of Trade, after reaching $6.925, the lowest for a most-active contract since April 26. Prices slipped into a bear market in January and are down 26 percent since reaching a four-year closing high on July 20.

Corn futures for July delivery fell 0.3 percent to $6.5075 a bushel in Chicago. Soybean futures for delivery in July slid 0.1 percent to $14.1275 a bushel.

To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.