Wheat Falls to Five-Month Low as Global Supplies May Gain

Wheat tumbled to a five-month low after a government report showed global inventories will shrink less than forecast, easing concern that droughts from the U.S. to Australia were creating a grain shortage.

Stockpiles will be 176.95 million metric tons on May 31, more than the 174.18 million projected in November, the U.S. Department of Agriculture said today in a report. Analysts expected a cut to 173.61 million, based on 16 estimates in a Bloomberg survey. The agency increased its forecasts on crops in Canada, Australia and China.