Wheat falls most in three weeks as US farmers resume harvest
Monday, 28 June 2010
CHICAGO, June 27 (Bloomberg): Wheat fell the most in three weeks as US farmers resumed their harvest after rain delays in Kansas and Oklahoma, the biggest growers of winter varieties.
As of June 20, 17 per cent of the winter-wheat crop was collected, ahead of the year-earlier pace of 15 per cent, the US Department of Agriculture said in a June 21 report. In Kansas, 10 per cent was harvested, above the 4 per cent total from a year earlier, USDA data show.
"We had lots of harvest delays, but we're starting to pick up the pace," said Jeff McReynolds, the owner of McReynolds Marketing and Investments in Hays, Kansas. "It's not going to be a great crop, but it'll be a good crop."
Wheat futures for September delivery fell 6.5 cents, or 1.4 per cent, to $4.71 a bushel on the Chicago Board of Trade, the biggest decline since June 4. The most-active contract fell 1.4 per cent for the week, bringing this year's drop to 13 per cent, partly on increased stockpiles.
Wheat is the fourth-biggest US crop, valued at $10.6 billion in 2009, behind corn, soybeans and hay, government data show.
As of June 20, 17 per cent of the winter-wheat crop was collected, ahead of the year-earlier pace of 15 per cent, the US Department of Agriculture said in a June 21 report. In Kansas, 10 per cent was harvested, above the 4 per cent total from a year earlier, USDA data show.
"We had lots of harvest delays, but we're starting to pick up the pace," said Jeff McReynolds, the owner of McReynolds Marketing and Investments in Hays, Kansas. "It's not going to be a great crop, but it'll be a good crop."
Wheat futures for September delivery fell 6.5 cents, or 1.4 per cent, to $4.71 a bushel on the Chicago Board of Trade, the biggest decline since June 4. The most-active contract fell 1.4 per cent for the week, bringing this year's drop to 13 per cent, partly on increased stockpiles.
Wheat is the fourth-biggest US crop, valued at $10.6 billion in 2009, behind corn, soybeans and hay, government data show.