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Business

July 18, 2017

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Wheat falls

Wheat falls

SYDNEY: U.S. wheat fell 1 percent to hit a 17-day low on Monday as rains across a key producing region weighed on prices, though forecasts for continued dry weather provided a floor to losses.

Corn fell one percent, returning much of the gains from the previous session, while soybeans edged lower. The most active wheat futures on the CBOT were down 1.1 percent at $5.05-1/4 a bushel by 0340 GMT, near the session-low of $5.02-3/4 a bushel - the weakest since June 30. Wheat closed down 0.2 percent on Wednesday. Analysts said rains across pockets of a key U.S. producing region were pressuring prices, though the timely moisture has done little to relive stress on crops. Weather models call for continued dry weather across the U.S. Plains, which may see yields fall below official estimates.

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