Wheat Drops as Drier Former Soviet Union Boosts Supply Outlook - Bloomberg

Wheat Drops as Drier Former Soviet Union Boosts Supply Outlook - Bloomberg:

"Wheat declined to the lowest in more than a week, extending a weekly loss, as drier weather in parts of the former Soviet Union boosted the production outlook.
The contract for December delivery lost as much as 0.6 percent to $6.865 a bushel on the Chicago Board of Trade, the lowest price since Oct. 18 and was at $6.885 by 10:12 a.m. in Singapore. Futures fell 2.1 percent last week, the first drop since the period ended Sept. 13. Wheat slumped 12 percent this year as global output heads for a record 708.9 million tons, the U.S. Department of Agriculture predicts.
Production in Russia is set to climb 43 percent to 54 million tons in 2013-2014, the USDA said in September. Ukraine’s harvest may increase 40 percent, it said. Warmer conditions in the former Soviet Union will improve wheat growth, with potential showers in southern Russia unlikely to be enough to hamper late seeding, Commodity Weather Group LLC said Oct. 25. Rains and cold weather had delayed winter-crop planting in both Russia and neighboring Ukraine."

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