By Tony C. Dreibus
June 28 (Bloomberg) — Wheat fell to its lowest price in two weeks on speculation that dry weather this week will allow farmers to speed up the harvest in the U.S., the world’s biggest shipper of the grain.
Dry weather will spread from Ohio to the largest winter- wheat producers, Kansas and Oklahoma. As of June 20, 17 percent of winter varieties were collected, up from 15 percent a year earlier, the U.S. Department of Agriculture said in a report last week.
“It looks like if we get six or seven days of nice weather, we’ll get some cut this week,” said Jerod Leman, a broker at Wellington Commodities in Carmel, Indiana. “There’s some harvest pressure coming from Ohio, but mostly” from Kansas and Oklahoma, he said.
Wheat futures for September delivery fell 10.25 cents, or 2.2 percent, to $4.6075 a bushel at 10:35 a.m. on the Chicago Board of Trade. That price is the lowest since June 11 and brought this year’s decline to 15 percent.
Wheat is the fourth-biggest U.S. crop, valued at $10.6 billion in 2009, behind corn, soybeans and hay, government data show.
Posted by Haylie Shipp