Wheat rally breaks as rains hit US over weekend; Industrial metals continue to gain
By APMonday, July 26, 2010
Wheat rally breaks as rains hit US over weekend
NEW YORK — Rains in the East and Midwest over the weekend are putting a hiccup in a rally in wheat prices.
Wheat had risen by more than $1 a bushel in July, and have jumped about 30 percent since the end of May.
Monday’s pullback may wind up being a bump in the road of wheat’s rally as severe drought conditions continue in the wheat-producing regions of Russia, Kazakhstan and the Ukraine, says John Sanow, an analyst with Telvent DTN in Omaha, Neb.
On Monday, wheat for September delivery fell 6.75 cents to $5.895 a bushel. Other grains also dropped.
YOUR VIEW POINT
