China Cancels Over 500,000 Tons of US Wheat Shipments Amid Abundant Global Supplies

• China canceled more US wheat export shipments, totaling 504,000 metric tons - the most since at least 1999 • Cancellations pushed wheat futures prices down as much as 2.7% to the lowest level since August 2020 • Abundant global wheat supplies have put downward pressure on prices for months • Wheat futures rebounded as traders covered short positions that had already built up • China likely canceling shipments because it can source cheaper wheat elsewhere currently