Wheat Peaking in Goldman Sachs Forecast as Stocks Improve

The surge in crop prices that drove food costs to a record last month may be peaking because global inventories are now forecast to be more plentiful than previously expected, Goldman Sachs Group Inc. said.

Corn will be up 1.8 percent a year from now at $6.75 a bushel, while wheat will be 4.3 percent higher at $7.50 a bushel, the bank said in a report. Corn surged 82 percent in the last 12 months and wheat jumped 50 percent as flooding from Canada to Australia and drought in Russia ruined crops.