Wheat Falls as Southern U.S. Great Plains Harvest Accelerates
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Wheat futures fell to a three-week low on speculation that yields may be better than expected in the southern Great Plains of the U.S. as farmers step up the harvest of crops planted last year.
About 10 percent of the winter-wheat crop was harvested as of June 5, more than the 6 percent average in the previous five years, the U.S. Department of Agriculture said yesterday. Central Kansas hasn’t been as dry as areas further south and west, boosting prospects for output, said Darrell Holaday, the president of Advanced Market Concepts in Manhattan, Kansas.