Like soybeans, wheat has been performing poorly due to rising supply globally. The USDA now sees world inventories of the grain totaling 202.6 million metric tons (7.4 billion bushels) — the highest in 10 years.
In the U.S., season-ending wheat stocks are forecast to be 828 million bushels, slightly lower than the 837 million that was projected last month and the 830 million consensus estimate. Wheat production in the country may be 1.999 billion bushels, down a bit from the 2.008 billion forecast last month.
A break below the $6/bushel level in wheat exposes the next major support level between $4.50 and $5.00.
