US wheat futures fell on Friday on continued pressure from storms in the
US Plains that provided relief to the drought-stricken hard red winter
wheat crop, traders said. Wheat prices closed at their session lows on a
round of late selling as investors squared positions ahead of the
weekend.
For the week, the benchmark Chicago Board of Trade March soft red winter wheat contract was down 3.9 percent, the biggest weekly decline for the front-month contract in seven weeks and its fifth straight losing week. Wheat prices have fallen in 10 of the last 12 weeks.
CBOT wheat, which closed at a near-eight month low, has shed 9.8 percent of its value during the past five weeks. US wheat exports will drop by 10 percent to 950 million bushels in the 2013/14 crop year as damage from drought in the US Plains hinders crop development, the US government said.
For the week, the benchmark Chicago Board of Trade March soft red winter wheat contract was down 3.9 percent, the biggest weekly decline for the front-month contract in seven weeks and its fifth straight losing week. Wheat prices have fallen in 10 of the last 12 weeks.
CBOT wheat, which closed at a near-eight month low, has shed 9.8 percent of its value during the past five weeks. US wheat exports will drop by 10 percent to 950 million bushels in the 2013/14 crop year as damage from drought in the US Plains hinders crop development, the US government said.
Source: http://www.brecorder.com/
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