Wheat Falls to Four-Year Low on on Global Supply Outlook
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Wheat futures fell to a four-year low after the U.S. government forecast record global output and increasing inventories. Corn capped the biggest weekly loss since July, while soybeans rebounded.
World wheat production will climb to a record 719.95 million metric tons, the U.S. Department of Agriculture said yesterday. The agency boosted its forecast by 0.5 percent from August on bigger crops in the European Union and Ukraine. Stockpiles were forecast to rise 5.3 percent from a year earlier. The decline in futures capped the longest slump in two months.