(Bloomberg) -- Wheat headed for the longest run of declines in more than five months on expectations for ample supply and a stronger dollar.
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Global wheat production is set to be the highest on record in 2024-25, according to the US Department of Agriculture, with Australia on track for a bumper crop and yields better than expected in some parts of Argentina. The prospect of fewer interest-rate cuts by the Federal Reserve supported the dollar.
Wheat futures in Chicago are down for a sixth day, the longest losing streak since late June. Prices are on track for a second weekly decline.
Downward momentum, however, could be limited by a smaller crop from Russia, the world’s biggest exporter. Consultant SovEcon this week trimmed its forecast for the nation’s 2025 production to the lowest since 2021.
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