WASDE: "World wheat stocks upgraded to record high"

And wheat was down 2.2%, $6.46, last I saw.
From Agrimoney:

World wheat supplies have been upgraded to their highest ever, after the best harvest on record last year, even as Spain joined the list of countries over which weather is threatening 2012 crops.

The US Department of Agriculture, whose data are taken as world benchmarks, raised by 3.1m tonnes to an all-time high of 213.10m tonnes its estimate for global wheat inventories at the close of 2011-12.

The future, which beat the previous record set 12 years ago, reflected improved estimates for already-harvested crops in Kazakhstan, Morocco and, in particular India, where the crop was pegged 900,000 tonnes higher at 86.8m tonnes, reflecting an upgraded yield estimate.

The inventory data was viewed by some analysts as the most striking in the USDA's crop revisions contained in its monthly Wasde crop report, with Benson Quinn Commodities terming it "the figure that jumped off the page", and "well above the trade's estimates".

"This may result in a knee-jerk reaction lower to start the session," the Minneapolis-based broker added.

FCStone noted that "wheat has to deal with record world carry-out and should see more wheat working into the feed ration worldwide".

UN warning

Wheat futures gave up early resilience to succumb to the weight of the higher stocks, and despite cold weather maintaining concerns for European and former Soviet Union crops due for harvest this summer, with temperatures set to be "extremely cold" for the next week, weather service WxRisk.com said....MORE