Wheat drops, paring annual gain, amid signs of ample supplies

Wheat fell, paring an annual gain, on speculation that global supplies are ample. Soybeans fell.

World wheat inventories at the end of this season May 31 may total 176.95 million metric tons, up 1.6 percent from an earlier forecast, the U.S. Department of Agriculture said Dec. 11. India, the world’s second-biggest producer, on Dec. 26 approved an extra 2.5 million tons of exports. The harvest in China, the biggest grower, will rise in the next year, the agriculture ministry said on Dec. 25.