Wheat slump seen extending on growth in stockpiles

Wheat traders are the most bearish since at least November as the outlook improves for supplies to increase after world stockpiles fall to a four-year low.

Twelve analysts surveyed by Bloomberg expect prices to retreat next week and eight predicted gains. Four were neutral, making the proportion of bears the highest since the survey began on Nov. 16. Hedge funds have been betting on declines since December and are approaching their most bearish stance since May, U.S. Commodity Futures Trading Commission data show.