Grain futures extended losses after much-watched crop report hiked its estimate for wheat inventories to a clear record, and lifted much-watched forecasts for corn and soy stocks in the US too.
Australian wheat prices are to lose some of their resilience to the pressure which has sent international values near to multi-year lows, Rabobank said, even as the official estimate for the latest harvest was upgraded, adding to supply ideas.
Food prices have hit their lowest in nearly seven years despite a slight deterioration in ideas for current grain supplies, and a "mixed" outlook for 2016 harvests, the United Nations said.
US officials stood by ideas of irreversible damage to Brazil's soybean crop from dry weather, despite the acknowledging that recent rains have "lessened anxiety".
Weather may be presenting a threat to US winter wheat after all.
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Glencore Grain, a subsidiary of Glencore, has been operating in Australia for more than 10 years.
Glencore Grain is one of the largest buyers of wheat, barley, oilseeds, pulses, sorghum and cotton direct from Australian growers, with accumulation offices located across five key growing states; Western Australia, South Australia, Victoria, New South Wales and Queensland. Read More