Wheat prices retreat on new, robust production forecast; commodities mostly gain

Wheat prices retreat on robust production forecast

Wheat prices are retreating as the U.S. government predicts this year’s production will be better than it had expected just a month ago.

Analysts say producers and traders are selling futures contracts to take advantage of a recent run-up in prices. Wheat settled down 1.9 percent Friday.

The U.S. Agriculture Department forecast calls for winter wheat production at 1.5 billion bushels, which is an increase of 2 percent from the June forecast.

Other commodities also are higher, mirroring a broader pattern in the stock markets.