Wheat Drops to One-Month Low as USDA Boosts US, World Supplies

America’s wheat supplies are expanding as imports rise even as farmers plant less of the staple grain, according to the US Department of Agriculture’s latest monthly outlook.

The agency estimated so-called ending stocks at 938 million bushels, the most since 2020 and larger than analysts expected. World supplies also came in above the range of estimates with increased production in the European Union and Russia.