Wheat futures headed for their biggest
weekly loss in a month on prospects for record global
stockpiles, though prices held just above $5 a bushel on Friday
with some areas still dry and on demand from importers. The July
rice contract rose for a ninth day on tightness in U.S. old crop
supplies.
Soybeans advanced for the first day in four after the U.S.
Department of Agriculture announced more sales of American beans
to China, even as tensions rise and doubts increase over the
Asian country’s ability to fulfill its trade deal commitments.
Corn languished on ample supplies and lack of biofuel demand.
Wheat is trading around the lowest since March, with the
outlook for plentiful supplies banishing fears prevalent just a
few weeks ago that panic buying of bread and hoarding by
countries would create global shortages of staple foods.
Rice futures in Chicago for contracts further out along the
curve are substantially cheaper than for July on expectations
for new crop supplies. Benchmark Asian rice prices have slumped
almost 15% since early April.
(Bloomberg)