"US Wheat Shipments Face Unprecedented Cancellations Amid Price Fluctuations"
China has canceled a record number of US wheat export shipments, with the latest cancellation totaling 264,000 metric tons, bringing the total to 504,000 tons, the most in USDA data going back to 1999. This has weighed on Chicago futures, causing wheat futures to fall initially before recovering. The cancellations indicate that China can obtain wheat at a cheaper price from other sources, leading to pressure on prices due to abundant world crop supplies.