Wheat Surges to 7-Month High as U.S. Cuts Crop Estimate After Rain Damage

(Bloomberg) -- Wheat rose to a seven-month high in
Chicago and Kansas City after the government lowered its U.S.
winter-wheat estimate because excessive rains delayed the harvest
and fostered fungal diseases.

U.S. farmers will harvest 1.609 billion bushels of winter
wheat, down from last month's forecast of 1.616 billion bushels
and more than last year's drought-damaged harvest of
1.298 billion bushels, the U.S. Department of Agriculture said
today. The average forecast of 12 analysts in a Bloomberg survey
was for 1.639 billion bushels. Global stockpiles will fall to the
lowest since 1982, the USDA said.


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