Wheat Set for First Weekly Drop in Four on Record Stocks
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Wheat tumbled for a fourth day, heading for the first weekly drop in four, after the U.S. Department of Agriculture predicted that global stockpiles would climb to a record. Corn and soybeans also declined.
Inventories on May 31, before the next harvest, will climb to 213.1 million metric tons, 1.5 percent more than estimated last month, the USDA said yesterday. Analysts surveyed by Bloomberg had expected a drop. The prior record was set in 1999-2000 when stockpiles reached 210.7 million tons. Wheat prices are down 26 percent in the past year.