Wheat is off a massive 5.75% today dropping to $6.22 per bushel. The crop wiped out the gains it made yesterday but is above its 52-week low of $6.05 per bushel.
The sell-off comes after the USDA reported that global wheat supplies could be 202.37 million metric tons higher than estimated, Bloomberg reported. Meanwhile, corn is off nearly 2% and soybeans dipped 0.3%.
Here’s the dramatic drop in wheat prices after the USDA report was released this morning:
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