Wheat Extends Worst Start in 40 Years as Rain Aids U.S. Crop

Wheat for March delivery drops as much as 0.6% to $5.00/bu on Chicago Board of Trade. * Trades -0.4% at $5.0075/bu at 10:19 a.m. in Singapore after prices fell on Jan. 30 to $4.97/bu, lowest level for a most-active contract since Oct. 13 * Futures tumbled 15% in Jan., most for the month since 1975 * Showers in the Plains over weekend should improve moisture for wheat, especially in east-central and southern areas, MDA Weather Services says in Jan. 30 report * Temperatures should remain cool through this week, maintaining wheat in dormancy: MDA * NOTE: The U.S. was world’s biggest wheat exporter in 2013-2014, Dept. of Agriculture data show * “Weather concerns appear to be easing, with the U.S. Plains expected to receive rainfall, which should help protect wheat seedlings,” Australia & New Zealand Banking Group says in note * NOTE: World grain stockpiles excluding rice to climb more than 7% to 432m mt at end of season, highest since mid 1980s, International Grains Council says Jan. 22 * March corn -0.6% to $3.6775/bu; prices fell to $3.6575 on Jan. 30, lowest since Nov. 11 * March soybeans -0.3% to $9.5775/bu after dropping to $9.55 on Jan. 30, lowest since Oct. 21

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