Wheat futures dropped the most in a week as signs of ample global supplies diminished concerns that tensions in the Black Sea region will disrupt trade. Corn declined, while soybeans gained.
World stockpiles of wheat will rise to a three-year high of 190.81 million metric tons before the 2015 Northern Hemisphere harvest, according to a Bloomberg News survey before the U.S. Department of Agriculture updates its forecast on Aug. 12.
“The perception is we’re going to have more than enough of everything,” Dave Marshall, a farm-marketing adviser at Toay Commodity Futures Group LLC in Nashville, Illinois, said in a telephone interview.
Wheat futures for September delivery fell 2.2 percent to close at $5.4925 a bushel on the Chicago Board of Trade, the biggest drop for a most-active contract since July 29. On that date, the grain touched a four-year low of $5.185. Since then, the price climbed 5.9 percent after rain damaged European crops and tensions escalated between Russia and Ukraine.
The U.S. is the world’s top exporter. Wheat has dropped 16 percent in the past 12 months.
Corn futures for December delivery dropped 2.1 percent to $3.635 a bushel, the biggest decline since July 18. This week, the price climbed 0.3 percent, ending a six-week slump that was longest in three years.
In 2014, the grain has declined 14 percent on the outlook for a bumper crop in the U.S., the biggest producer.
Soybean futures for November delivery rose 0.6 percent to $10.8475 a bushel. The price reached $10.85, the highest since July 31. This week, the oilseed climbed 2.5 percent, the most since May 23.
Imports by China, the top buyer, rose to a record in July, government data showed today. Last year, Brazil was the world’s biggest exporter, followed by the U.S.