Wheat futures fell to a two-month low on speculation that supplies will be ample as exports ebb in the U.S., the world’s biggest shipper, and farmers boost planting.
U.S. exporters sold 403,124 metric tons in the week ended March 22, 26 percent less than a week earlier, the Department of Agriculture said today. Farmers may plant 57.551 million acres, up from 54.409 million last year, when floods swamped fields in the northern U.S., according to a Bloomberg News survey of 29 analysts. The USDA will release acreage and inventory estimates tomorrow.
“We’ve been focused on stocks and acreage numbers and how we’re going to plant this crop,” Darrell Holaday, the president of Advanced Market Concepts in Wamego, Kansas, said in a telephone interview. “That’s brought wheat and corn down.”
Wheat futures for May delivery fell 1.1 percent to $6.24 a bushel at 9:56 a.m. on the Chicago Board of Trade. Earlier, the price touched $6.2125, the lowest for a most-active contract since Jan. 24. Before today, the commodity dropped 13 percent in the past year.
Wheat is the fourth-largest U.S. crop, valued at $14.4 billion in 2011, behind corn, soybeans and hay, government data show.
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