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(Bloomberg) — Wheat is closing in on a weekly drop of about 4% — the biggest since June — as ample world grain supplies gave the market a bearish tilt heading into the holidays.
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Prices for wheat, corn and soybeans were little changed Friday with a lack of fresh news to shake up markets that have been winding down for the year.
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The US Department of Agriculture announced sales of 134,000 tons of US soybeans to China, with the world’s top commodities importer on track to meet its commitment to buy 12 million tons of America soy in the next few months. A recent bump in China’s imports of wheat and corn also were seen as an encouraging sign that the nation could start buying more US grain.
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However, big American harvests and beneficial weather in Brazil are keeping a lid on any potential price gains. Farmers have also been putting off sales, and awaiting details expected next week on the Trump administration’s $12 billion aid package.
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“Buying interest in the market ahead of the weekend is minimal,” Consus Ag Consulting analyst Karl Setzer said.
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For wheat, production estimates are climbing in Argentina, heightening competition among major global wheat shippers. China recently picked up a rare cargo there, while canceling a purchase for US supply. The USDA also upped its outlook this month for global wheat stockpiles amid swelling harvests in other key growers, including Canada and the European Union.
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“Right now the physical market is well oversupplied,” said Carlos Mera, head of agricultural commodity market research at Rabobank. “Estimates for the record Argentine wheat harvest continue to increase to above 27 million metric tons, with lower export taxes and recent Chinese buying of Argentine wheat leading to lower expectations for demand for US wheat ahead.”
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