Wheat Traders Most Bearish Since at Least November on Production

Wheat traders are the most bearish since at least November as the outlook for bigger harvests in the Black Sea region, Australia and Europe is raising competition for export markets and sending prices lower.

Eighteen analysts surveyed by Bloomberg expect wheat to fall next week, while seven were bullish and a further two were neutral. A majority of traders in the survey are predicting lower prices for a second week.