Wheat ticks lower, but other grains keep gaining day after USDA forecasts big US crops
By APFriday, August 13, 2010
Wheat ticks lower, other grains keep gaining
NEW YORK — Wheat prices are giving back some of their big gains Friday, but prices of other grains keep rising.
Wheat prices had surged Thursday after the U.S. government lowered its expectations for global wheat production because of a drought that has destroyed at least a fifth of Russia’s crop and bad weather elsewhere in the world.
Wheat for December delivery has slipped 9.5 cents, or 1.3 percent, to settle Friday at $7.3425 a bushel. The September futures contract hit a two-year high of $7.8575 a bushel last week.
That peak isn’t likely to be hit again unless the drought in Russia prevents farmers from planting their 2011 crop, cutting into next year’s supply, says John Sanow, analyst with Telvent DTN in Omaha, Neb.
