Wheat Drops in Chicago as Supplies May Be Adequate After Losses
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Wheat futures fell in Chicago on speculation that global supply will be sufficient to make up for potential losses in Russia. Milling wheat climbed in Paris.
Global wheat stockpiles at the beginning of the 2010-2011 marketing year are 193 million metric tons, the U.S. Department of Agriculture said July 9. That’s more than three times the 53 million-ton forecast harvest for Russia, according to U.S. Department of Agriculture data.