Wheat prices expected to fall further after record supply forecast

Chicago

THE rain and snow bolstering wheat crops across Kansas are also dousing expectations for a recovery in prices.

Improving plant conditions are underscoring the outlook for ample supplies after the US government on Tuesday raised its estimate for world inventories to an all-time high. Money managers last week expanded their wagers on prices declines by two-thirds.

Falling consumption in China and India is adding to the surplus concerns, and prices are falling around the globe. Paris milling wheat reached a five-year low last week, while benchmark Chicago futures fell to the cheapest since 2010. American farmers, saddled with a stronger dollar, are having an even harder time finding buyers for their relatively ex…