US Wheat Hits 9-Month Low as Farmers Harvest More
May 30th, 2008 | By Contrarian Profits | Category: Featured, Financial NewsWheat sank to its lowest price since August last year as US farmers began harvesting what is expected to be the biggest winter grain crop in a decade, reports Bloomberg:
Production will increase 17 percent from a year earlier to 1.78 billion bushels, the most since 1998, the U.S. Department of Agriculture forecasts. About 4 percent more acres were seeded from September to November, the agency said. Wheat prices have tumbled 45 percent from a record $13.495 a bushel on Feb. 27.