Wheat futures' downward tack is forecast to continue slumping amid harvest widen from Russia to Canada, according to Bloomberg.
Inventories of the grain are likely to climb to their highest level in 10 years. On Friday, the U.S. Agriculture Department will project a 3.4 percent increase in stockpiles, bringing the total to 202.89 million metric tons by June, a Bloomberg poll of 16 analysts reveals.
"Every country that can plant more corn and wheat has done so," agricultural commodities manager Alex Bos with Macquarie Group in New York told Bloomberg. "It's an incredible shift, and there's still spare farmland capacity that can be put into production."
At 8:14 a.m. on Thursday, wheat futures lost 0.92 percent, a 5.5 cent slip to $5.95 per bushel.
Credit Suisse Group predicted wheat futures will fall 11 percent more to $5.30 per bushel within 12 months. Since notching their highest price in 29 months this past February at $9.1675 per bushel, the price of wheat futures has dropped 35 percent.
Moneycontrol reports the grain's losses on Thursday bring the commodity to its lowest price in one week. Australia is set to cultivate a record high wheat crop, which will add to global inventories.
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