Sufficient global supplies pushed down wheat and corn futures on Wednesday, marking the second time thus far this week that the two have dropped in value, according to Bloomberg.
This year's wheat production might be 688.7 million metric tons, according to an agricultural research company. That figure represents a 1.1 percent rise when held against what the U.S. Agricultural Department projected in October.
"We keep finding more and more wheat, even though we're using a lot," president Mike Zuzolo with Global Commodity Analytics & Consulting in Indiana told Bloomberg. "Corn is likely to follow wheat because of ample supplies."
Corn futures closed trading on Wednesday down 1.41 percent, a 9.25 cent drop to $6.45 per bushel. Wheat futures closed the same session down 1.03 percent, a 6.5 cent drop to $6.235 per bushel.
Reuters reports equity markets' uptick pushed wheat futures to gain in value slightly on Wednesday, which followed stronger losses earlier in the week. Grains also piggy-backed aboard climbs in value for the shared currency of the European Union, which gained in value on Wednesday.
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