Wheat fell to the lowest level in two weeks, poised for the longest run of losses since January, after the U.S. government said global reserves will climb even as dry weather cuts production in the U.S., the top exporter.
Corn advanced for a third day, poised for the longest run of monthly gains since 2010, after the U.S. Department of Agriculture said planting in the world’s largest producer and exporter trailed a five-year average.
Soybeans extended their climb to the highest level in more than 10 months after a report showed record demand from U.S. mills, boosting concern that supplies from the world’s second-biggest exporter would be reduced.
Wheat rebounded from a second weekly loss as clashes in eastern Ukraine prompted an emergency meeting of the United Nations Security Council, boosting concern that supply from the region may be disrupted.
Wheat stockpiles in Australia, the world’s fourth-largest exporter, may increase by more than expected as the pace of overseas sales slows on tougher competition, according to Commonwealth Bank of Australia.
Wheat imports by Indonesia may jump to more than 10 million tons a year in five years as rising incomes spur demand for noodles, cakes and cookies in Southeast Asia’s largest economy, according to Rabobank International.