Wheat Surges to 11-Year High as U.S. Cuts Crop Estimate After Rain Damage

(Bloomberg) -- Wheat rose to an 11-year high in
Chicago as the government lowered its U.S. winter-wheat estimate
after excessive rains delayed the harvest and fostered fungal
diseases.

U.S. farmers will harvest 1.609 billion bushels of winter
wheat, down from last month's forecast of 1.616 billion bushels
and more than last year's drought-damaged harvest of 1.298
billion bushels, the U.S. Department of Agriculture said today.
The average forecast of 12 analysts in a Bloomberg survey was for
1.639 billion bushels. Global stockpiles will fall to the lowest
since 1982, the USDA said.


Read more at Bloomberg Commodities News