Bloomberg News

Paris Wheat Extends Drop After USDA Report Signals More Supply

December 16, 2011

Dec. 9 (Bloomberg) -- Wheat futures in Paris extended declines after the U.S. Department of Agriculture raised its estimate of global stockpiles.

Wheat for March delivery declined 0.7 percent to 174 euros a metric ton at 1:31 p.m. London time on NYSE Liffe.

Global stockpiles will total 208.52 million metric tons before the 2012 Northern Hemisphere harvests, up from 202.6 million projected last month and more than the 199.75 million tons a year earlier, the USDA said today in a report. Sixteen analysts in a Bloomberg News survey estimated inventories of 202.89 million, on average.

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net


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