Wheat faces biggest weekly drop in eight months on higher inventories
- Corn was set for a fourth consecutive weekly loss on ample supplies, while soybeans inched higher
SINGAPORE: Chicago wheat ticked higher on Friday, but was on track for its biggest weekly drop since late July after the US government raised its global stocks forecast in a monthly report.
Corn was set for a fourth consecutive weekly loss on ample supplies, while soybeans inched higher.
“Wheat crop conditions in the United States are improving and the overall global supply picture is pretty healthy as we saw in the US report,” said one grains trader in Singapore.
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.1% to $5.75-1/4 a bushel by 0224 GMT, corn added 0.2% to $4.44-3/4 a bushel and soybeans gained 0.3% at $11.68-3/4 a bushel.
For the week, wheat was down 3.8%, the biggest weekly drop since late July, corn has lost 1.6% and soybeans were up around half a percent.
The US Department of Agriculture (USDA) raised its projection of world wheat stocks at the end of the 2025/26 marketing year to 283.12 million metric tons, up from 276.96 million tons and above a range of analyst expectations, citing larger harvests in Russia and the European Union.
For corn, the USDA left its projection for plentiful US corn inventories unchanged at a seven-year high of 2.127 billion bushels, and raised its view of world corn stocks.
US soybean ending stocks were unchanged from last month at 350 million bushels, while analysts expected 349 million bushels.
In news, consultancy Expana raised its forecast for the European Union’s 2026/27 soft wheat harvest, citing broadly favourable growing conditions, while cutting export projections for the next season due to better harvest prospects in North Africa and the Middle East.
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