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Wheat falls on speculation world-production estimate will climb

Posted on 10 November 2008

From Bloomberg: Wheat prices fell for a third straight day on speculation that global production will outpace demand. Worldwide output may be forecast to surpass an October estimate on Nov. 10, when the U.S. Department of Agriculture issues new crop projections, analysts said.

Last month, the USDA said farmers will collect a record 680.2 million metric tons in the year ending May 31. Wheat futures have tumbled 61 percent from a record $13.495 a bushel in February….. Full Article: Source


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