Wheat Rebounds as Slump to Near Bear Market

Wheat rebounded on speculation that demand will be rekindled after prices slumped to the lowest level in more than three months before a government report that may show global reserves rising to the highest in three years.

Futures for July delivery rose 0.4 percent to $6.035 a bushel on the Chicago Board of Trade in Singapore after retreating to $5.9825, the lowest for a most-active contract since Feb. 28. Prices have slumped 18 percent from the 14-month closing high of $7.39 on May 6. A 20 percent drop meets the common definition of a bear market.

A U.S. Department of Agriculture report show that world stockpiles before the 2015 harvest will increase to 188.08 million metric tons. The USDA had forecast 187.42 million tons last month.

U.S. farmers may harvest the smallest winter-wheat crop since 2006 after freezes damaged yields and drought conditions persisted in the Great Plains, according to a separate survey.

Corn for December delivery advanced 0.2 percent to $4.4575 a bushel. Soybeans for delivery in November fell 0.3 percent to $12.26 a bushel.