Wheat Falls to 18-Month Low on Rising Global Supply; Soy Drops
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Wheat reached an 18-month low in Chicago on speculation that higher global stockpiles will curtail demand for U.S. grain. Soybeans and corn fell.
Global inventories before the start of Northern Hemisphere harvests in 2014 will be 182.78 million metric tons as Canadian and Australian crops increase compared with a year earlier, the U.S. Department of Agriculture said Dec. 10. That was up from 178.48 million tons predicted in November. Egypt bought 120,000 tons of cheaper Romanian and Russian wheat yesterday.