Dusty Fields Signal a Peak for the Global Wheat Glut
- Futures in Chicago climb 16% this year, best start in a decade
- Hedge funds retreat from net-bearish wagers for third week
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It’s finally starting to look like the world wheat glut has peaked.
Dry, hot weather from the U.S. to Europe is taking its toll on crops, and the U.S. government is forecasting global output will fall for the first time in five seasons. The adverse conditions have pushed benchmark futures in Chicago to their best start to a year in a decade, a stark reversal from the previous four years when burdensome supplies dragged down prices.