Wheat Seen Extending Decline as Inventory Rises to Record
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Wheat prices are falling for a second year as a glut of supply expands global stockpiles to an all-time high and farmers prepare to reap the third-biggest harvest on record.
Inventories will gain 7.1 percent to 210 million metric tons this year and output in the next year of 681 million tons will have been exceeded only twice in history, the London-based International Grains Council predicts. Prices will average $6.38 a bushel in the fourth quarter, about 5.2 percent below the December futures contract traded in Chicago, the median of 10 analyst estimates compiled by Bloomberg shows.