Reported by Tony Dreibus at Bloomberg, Chicago wheat futures have reached a one-year low, extending the longest slump since 2005. It's all about signs of record global output and reduced demand for supplies from the U.S., the world's biggest exporter. Wheat prices have come off 16 percent this year alone and the preferred markets for wheat at present are Russia and the Ukraine (where production will jump 38 and 27 percent respectively). It doesn't look like there is a remedy any time soon. US growers will sow 56.53 million acres of wheat this season, the most in 4 years.
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