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Wheat slump longest since 2005 on global output

Posted on 02 July 2013

Wheat futures slid to a one-year low, extending the longest slump since 2005, on signs of record global output and reduced demand for supplies from the U.S., the world’s biggest exporter.
Farmers from Australia to Canada will produce a combined 683.1 million metric tons in the year that starts today, up 4.3 percent from the prior 12 months and the highest ever, the International Grains Council said today. Prices have tumbled 16 percent this year as importers shun U.S. supplies for cheaper grain from Russia and Ukraine, and signs of a record Midwest corn harvest in 2013 erodes demand for wheat in livestock feed………………………………..Full Article: Source


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