Wheat Plunges 6% After A Surprising USDA Report

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:

wheat futures

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.