Bountiful global supply outlook drives wheat prices further down

摘要

Wheat prices hit new lows last week amid an accelerating global harvest rebound, intensifying export competition and wavering macro-economic support for commodity investments. A near 7% slide on the week, saw the bellwether Chicago Board of Trade's (Cbot) front month achieve its lowest close in a year while the Paris milling futures market set a new 18-month low. Selling was pushed by gathering US and CIS harvests, export offers from the CIS countries and, latterly, by new, higher than expected official US wheat and maize sowing estimates.