Wheat Declines as World Stockpiles Seen as Enough to Meet Demand
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Wheat fell as investors bet ample stockpiles will outweigh production declines after drought devastated the Russian crop and plants in Australia were damaged by excessive rainfall.
Global stockpiles may total 176.7 million metric tons in the year that ends on May 31, the U.S. Department of Agriculture said in a report last week. That’s up 2.4 percent from a November estimate. Stockpiles in the U.S., the world’s biggest shipper, may total 23.4 million tons (858 million bushels), up 1.2 percent from the prior estimate, the USDA said.