Wheat fell to a four-year low, extending a weekly slump, after demand for U.S. shipments dropped as global production headed for a record. Soybeans were poised for the longest run of weekly losses since June 2010.
Wheat for December delivery lost as much as 0.7 percent to $4.85 a bushel on the Chicago Board of Trade, the lowest level for a most-active contract since July 2010. Prices were at $4.8625 by 10:59 a.m. in Singapore, set to drop 3.2 percent this week for a third straight decline.
Futures tumbled 26 percent in the past year and the U.S. Department of Agriculture predicts global production will climb to a record 719.95 million metric tons in 2014-2015. Corn plunged 27 percent in the period and soybeans slumped 28 percent as production in the U.S. will be the highest ever, according to the agency. U.S. export sales of wheat fell 54 percent in the week ended Sept. 11 from a week earlier, the USDA said yesterday. The country is the world’s top shipper of the grain.
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