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futuresfacts.com | market headlines from the web

Wheat Extends Slide From 14-Month High on Supply Outlook

Wheat fell for a sixth day, extending its slide from a 14-month high to the longest run of losses since December amid signs that ample global supplies will compensate for crop damage in the U.S.

Wheat has gained 16 percent in Chicago this year as drought and freezing temperatures cut U.S. winter-wheat yields and as conflict in Ukraine spurred concern supply from the Black Sea would be disrupted. World stockpiles will rise 0.5 percent to 187.4 million metric tons by the end of 2014-15 as smaller global production still outpaces consumption, the U.S. Department of Agriculture predicted May 9.

"The USDA sees large world supplies which compete with U.S. during the next marketing year," Paul Georgy, the president of Allendale Inc., wrote in a market comment today. "There is also a strong seasonal pattern that is weighing on wheat as harvest is only a few weeks away."

Wheat for July delivery fell 0.8 percent to $7.035 a bushel on the Chicago Board of Trade by 7:35 a.m. Prices have dropped 5.4 percent since reaching $7.44 on May 6, the highest for the most-active contract since Feb. 21, 2013. Milling wheat for November traded on Euronext in Paris slipped 0.5 percent to 202.50 euros ($277.67) a ton.

"While there are downside risks to North America and Australia production, EU and Black Sea production estimates are in turn skewed to the upside," analysts at Goldman Sachs Group Inc. wrote in a research report. "This outlook points to lower wheat prices in coming months."

Corn for July delivery fell 0.1 percent to $5.0225 a bushel. Soybeans were little changed at $14.8425 a bushel.

To contact the reporters on this story: Phoebe Sedgman in Melbourne at This email address is being protected from spambots. You need JavaScript enabled to view it. ; Rudy Ruitenberg in Paris at This email address is being protected from spambots. You need JavaScript enabled to view it.

To contact the editors responsible for this story: James Poole at This email address is being protected from spambots. You need JavaScript enabled to view it. John Deane, Sharon Lindores

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Contributing Editors

  • adrian muller has conducted seminars for the chicago board of trade, including a key series in 1999 which cautioned about a top in the equity markets (see his article “top experts and statistics on the dow”). adrian muller has appeared on cable tv financial programs with analysis on the futures markets and equity market directional forecasts. he has been quoted in barron's, the wall street journal, and futures magazine.


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