Wheat falls as dry weather in US plains will speed harvest
Sunday, 20 June 2010
CHICAGO, June 19 (Bloomberg): Wheat fell for the first time in seven sessions, dropping in the closing minutes of trading, on speculation that dry, warm weather will allow farmers to speed up the collection of the US winter-wheat crop.
Little rain is expected this weekend in southern Kansas and parts of Oklahoma and Texas, the three biggest growers of winter wheat, according to a report by Accuweather.com. Northern Kansas and Nebraska may get some moisture. Before Friday, the price gained 12 per cent since June 9 on concern that wet weather would delay the harvest and damage the crop.
"It's a harvest Friday in Kansas," said Mike Zuzolo, the president of Global Commodity Analytics in Lafayette, Indiana. "The longs may be liquidating, so we could see some profit- taking, especially without news. Wheat needs to be watched the closest."
Little rain is expected this weekend in southern Kansas and parts of Oklahoma and Texas, the three biggest growers of winter wheat, according to a report by Accuweather.com. Northern Kansas and Nebraska may get some moisture. Before Friday, the price gained 12 per cent since June 9 on concern that wet weather would delay the harvest and damage the crop.
"It's a harvest Friday in Kansas," said Mike Zuzolo, the president of Global Commodity Analytics in Lafayette, Indiana. "The longs may be liquidating, so we could see some profit- taking, especially without news. Wheat needs to be watched the closest."