Wheat Futures Drop to Two-Week Low on Slack Demand
(Corrects month in the fourth paragraph.)
Wheat fell to the lowest in two weeks on signs of slack demand for inventories from the U.S., the world’s biggest exporter.
The U.S. Department of Agriculture said today it inspected 10.5 million bushels for export in the week through Nov. 8, down 26 percent from the prior week. Inspections from the start of the marketing year on June 1 have dropped 13 percent to 427.3 million bushels from a year earlier, USDA data show.
“There’s virtually no export business even after yesterday’s selloff,” Jamey Kohake, a broker and branch manager at Paragon Investments in Silver Lake, Kansas, said by telephone.
Wheat futures for March delivery dropped 0.8 percent to settle at $8.6575 a bushel at 2 p.m. on the Chicago Board of Trade, the third straight decline. The price touched $8.58, the lowest since Oct. 30.
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