Wheat prices for fall retreat from last week’s 2-year high; traders eye winter planting

Wheat prices for fall retreat from last 2-yr high

NEW YORK — Wheat prices are retreating further from two-year highs as analysts say prices for the grain’s fall contracts now reflect the impact of Russia’s decimated crop.

By the end of last week, wheat futures had risen more than 75 percent since early June. Russia said Thursday it was cutting off exports of wheat, barley, rye and corn because a severe drought this summer has already destroyed one-fifth of the country’s wheat crop.

Russia may also limit exports next year, depending on the state of the harvest.

Wheat for September delivery has dropped 13.25 cents, or 1.8 percent, to settle at $7.125. The contract topped out Thursday when September wheat hit $7.8575 a bushel, its highest level since August 2008.