Wheat Falls on Speculation Price Surge May Slow Import Demand
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Wheat futures plunged the most since November on speculation that the highest prices in 29 months will slow demand and encourage farmers to plant more.
U.S. exporters sold 507,310 metric tons in the week ended Feb. 3, down 10 percent from a week earlier, the U.S. Department of Agriculture said today. U.S. spring-wheat planting begins in April, and the area sown with winter wheat for this year’s crop is 9.8 percent bigger than last year, the USDA said last month. Wheat futures are up 69 percent in the past year.