According to the media outlet, the price drop was also due to a better weather outlook, which boosted the potential for a large crop to be harvested this year. Soft red winter wheat prices also dropped on the release of the data, which projected the largest wheat acreage in three years, saying world wheat stocks could sour to a record 213.1 million metric tons in 2012 – a 6 percent increase on the year.
"Wheat, we have abundant stocks worldwide," said Dewey Strickler, president of AgWatch Market Advisors. "It is going to be hard for wheat to go much of anywhere."
According to Bloomberg, at 2:15 p.m., wheat futures on the Chicago Board of Trade were down 0.74 percent, or 4.75 cents, to $6.41 per bushel.
According to a USDA report, wheat harvests in America could rise to 2.12 billion bushels by the end of this year's harvest season.
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