Wheat Futures Fall on World Supply Outlook; Soybeans Drop
This article is for subscribers only.
Wheat futures fell the most in more than a week after the U.S. Department of Agriculture said global inventories will be bigger than forecast last month. Soybeans also declined.
World stockpiles of wheat before this year’s Northern Hemisphere harvest will total 182.26 million metric tons, more than the 178.23 million forecast in March, the USDA said. Analysts surveyed by Bloomberg expected 178.82 million. Prices have plunged into a bear market, down 26 percent from last year’s closing peak, on signs that global demand is slowing and that farmers will boost output in the next year.