Wheat plunge may not be over
Instead, a global glut has money managers ready for more losses and sticking with a net-bearish outlook for seven straight weeks. World inventories before the start of next year’s harvest are expected to climb to an all-time high as farmers reap bigger crops in the US, Russia and Ukraine.
Wheat futures have tumbled 21% since the end of June, heading for the worst quarterly loss since 1986. American farmers are particularly struggling because they’re saddled not just with bigger stockpiles, but also a rising dollar.
