There was a reason we contradicted the headline in last Monday's "Bloomberg Analyst Survey: "Wheat Rallying 20% as Parched Fields Wilt From China to Kansas":
Chicago wheat is trading at $7.62, down 11 3/4 cents.From Reuters via Forexyard:
Be careful on this one, see stories below the jump....
* Corn at 1-month low, down 10 percent from record* Wheat below $7, soy also weaker* Uncertainty remains over N. hemisphere wheat crop* Coming up: U.S. weekly export sales data, 1230 GMT(Adds details, quotes)By Martin Roberts and Naveen Thukral
MADRID/SINGAPORE, June 16 (Reuters) - U.S. corn futures slipped to fresh one-month lows on Thursday due to improved crop weather in the United States and concern less grain will be used to make ethanol.Wheat followed suit on news of bumper crops in Russia and Australia, although uncertainty remained over the impact of a recent drought in Europe....MORE