Wheat Hits 10-Year High, Prices Drop
Kazakhstan takes in best harvest in 30 years
Wheat prices slumped 6% after the US lifted by 7.8m tonnes its estimate for world supplies of the grain, boosted by forecasts of larger domestic stocks and the best harvest in Kazakhstan for 30 years, Agrimoney.com reports.
The U. S. Department of Agriculture (USDA), in its much-watched Wasde report, hiked to 202.4m tonnes its forecast for world wheat stocks at the close of 2011/12, the highest figure for 10 years.
The upgrade reflected in part a controversial downgrade to domestic use of the grain by livestock feeders, helping lift the figure for America's own year-end stocks by 2.1m tonnes.
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