Wheat dropped the most in a week on speculation that exports will fall short of government estimates in the U.S., the world’s biggest shipper.
Since June 1, government officials have inspected 622.5 million bushels for export, down 10 percent from a year earlier, U.S. Department of Agriculture data show. Inspections last week totaled 22.5 million bushels, behind the pace needed to meet the USDA’s forecast for shipments of 1.05 billion bushels this season, the agency said today.
“The number this morning is not reaching the average we need on a weekly basis to reach that forecast,” Brian Hoops, the president of Midwest Market Solutions in Springfield, Missouri, said by telephone. “Until we consistently see exports at an above-average level, it’s unlikely that people are buying into wheat.”
Wheat futures for March delivery fell 1.5 percent to $7.45 a bushel at 11:24 a.m. on the Chicago Board of Trade. A close at that price would be the biggest decline since Feb. 1. Through Feb. 8, the grain had dropped 2.8 percent this year.
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