Wheat supply fears ease as US reserves set to exceed forecasts

Wheat snapped a four-day rally after a survey showed reserves in the US, the biggest exporter, may be larger than a government forecast.

Wheat supply fears ease as US reserves set to exceed forecasts

US inventories before the 2013 harvest will probably be 702m bushels, up from 691m bushels forecast last month by the US Department of Agriculture, according to a Bloomberg News survey of 29 analysts. World inventories at 176.53m metric tons may be little changed from last month’s estimate, according to the survey. The USDA is scheduled to update US and world crop estimates on Friday.

“Prices are driven by expectation that inventories in the US will increase,” Joyce Liu, investment analyst at Phillip Futures said. “Improving prospects for the winter crop also eased concerns over supply.”

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