Wheat Set for Worst Week Since June on Oversupplied World Market
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22m59h9kp8qmb6sle(vjv0zb_media_dl_1.png US Department of AgricultureArticle content(Bloomberg) — Wheat is closing in on a weekly drop of about 4% — the biggest since June — as ample world grain supplies gave the market a bearish tilt heading into the holidays.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentPrices for wheat, corn and soybeans were little changed Friday with a lack of fresh news to shake up markets that have been winding down for the year. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentThe US Department of Agriculture announced sales of 134,000 tons of US soybeans to China, with the world’s top commodities importer on track to meet its commitment to buy 12 million tons of America soy in the next few months. A recent bump in China’s imports of wheat and corn also were seen as an encouraging sign that the nation could start buying more US grain. Article contentArticle contentHowever, big American harvests and beneficial weather in Brazil are keeping a lid on any potential price gains. Farmers have also been putting off sales, and awaiting details expected next week on the Trump administration’s $12 billion aid package. Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“Buying interest in the market ahead of the weekend is minimal,” Consus Ag Consulting analyst Karl Setzer said.Article contentFor wheat, production estimates are climbing in Argentina, heightening competition among major global wheat shippers. China recently picked up a rare cargo there, while canceling a purchase for US supply. The USDA also upped its outlook this month for global wheat stockpiles amid swelling harvests in other key growers, including Canada and the European Union.Article content“Right now the physical market is well oversupplied,” said Carlos Mera, head of agricultural commodity market research at Rabobank. “Estimates for the record Argentine wheat harvest continue to increase to above 27 million metric tons, with lower export taxes and recent Chinese buying of Argentine wheat leading to lower expectations for demand for US wheat ahead.”Article content Sign up for the Business of Food newsletter for news on how the world feeds itself in a changing economy and climate.Article contentTrending When sinking property values raise red flags for borrowers Mortgages Posthaste: 2026 might prove perilous for Canadians who piled into variable mortgages this year, Desjardins warns News Opinion: The no-more-pipelines MOU FP Comment Tax Court overturns CRA decision to deny bitcoin loss writeoff Taxes Mortgage rates move — but in the wrong direction Mortgage Rates Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. When sinking property values raise red flags for borrowers Mortgages Posthaste: 2026 might prove perilous for Canadians who piled into variable mortgages this year, Desjardins warns News Opinion: The no-more-pipelines MOU FP Comment Tax Court overturns CRA decision to deny bitcoin loss writeoff Taxes Mortgage rates move — but in the wrong direction Mortgage Rates