Wheat futures fell to a six-week low on speculation that global supplies will be ample enough to meet demand. Soybeans and corn rose.
The International Grains Council last month boosted its forecast for global wheat production by 1.6 percent to a record 713.4 million metric tons in the 2014-15 season on increases in Russia, Europe and China. The price of corn, also used in livestock feed, tumbled yesterday to the lowest since June 2010.
“There will be more than enough wheat to meet demand, and until we get a big disaster around the world that would limit supplies, or limit corn supplies and make wheat more valuable as feed, there’s nothing that the market is excited about,” Bryce Knorr, a senior grain market analyst at Farm Futures magazine in Chicago, said in a telephone interview. “Even some of the drier areas in Russia are picking up some moisture.”
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