The prices of wheat and soybeans plunged after the US Department of Agriculture (USDA) revised up its
estimates of global production. What’s more, it is projecting that global inventories of wheat and soybeans
will reach new record-highs in the 2017/18 season. While ample stocks should place a ceiling on the
price of wheat, we think that soybean prices will find support from strong growth in demand.
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