Wheat Falls due to Rains in USA

Wheat futures declined today on forecasts that favorable weather in the United States will improve prospects for harvest. According to the National Weather Service, precipitation in some US regions was six times above norm. Experts say that rains will improve conditions for plants, boosting potential yield.

Wheat followed other agricultural commodities in decline. Forecasters predict favorable weather in both the USA and South America. This means additional supply to the market that should drive prices down.

May futures for delivery of wheat tumbled as much as $0.2225 (3.15 percent) to $6.8375 per bushel as of 23:10 GMT on CBoT today.

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