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Wheat slumps further as supply forecasts rise

12th September 2014

Wheat has extended its decline into a fifth successive session in commodities trading markets today (September 12th), sending the contract close to a four-year low. 

This comes after updated forecasts from the US government indicated global production will this year reach record levels, thus expanding stockpiles. 

According to the Department for Agriculture's report published yesterday, worldwide wheat production and stockpiles at the end of the 2014-15 season will be even larger than predicted last month.

The figures suggest total output will reach 719.95 million metric tonnes, up from the previous estimate of 716.09 million metric tonnes. In addition, the forecast for global stockpiles has been lifted to 196.38 million tonnes, from 192.96 million.

On the Chicago Board of Trade, wheat for December delivery shed 0.8 per cent to $5.0525 per bushel. In the previous session, the contract declined to $5.03 - its lowest since July 2010. Futures are on course to record a weekly loss of 5.1 per cent.

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