Wheat futures dropped
Wheat futures dropped on speculation that higher shipments of the grain from Ukraine may boost global supply, corn and soybeans fell also. Ukraine can boost grain exports to 22 million or 23 million metric tons in the next season from about 11 million tons this season. Wheat for July delivery declined to 775 on the CBoT, it is set for a 7.5 percent loss this week.
Grain harvests in Russia may range between 80 million tons and 88 million tons this year. Russia banned grain exports from Aug. 15 to at least July 1 as drought wiped out 37 % of its crops. Russia was the world’s second-largest exporter of wheat in the 2009-2010 season, before grain crops in the country suffered from the worst drought in at least half a century.
South American soybean production will rise 1.3 percent to a record 141.4 million tons this year, Brazil exports alone will rise 13 % to 33 million tons.
