Wheat Futures Drop After U.S. Exports Tumble 40% in Week
Wheat futures fell as exports tumbled 40 percent from the U.S., the world’s top shipper.
The government said today that exports dropped to 387,877 metric tons of in the week ended Jan. 24 from 647,545 tons a week earlier. Since June 1, shipments have declined 11 percent from a year earlier, Department of Agriculture data show.
“Demand has been slow to get moving,” Jon Marcus, the president of Lakefront Futures & Options LLC in Chicago, said in a telephone interview. “Wheat has been really tired. At this time of the year, there isn’t a whole lot of news to trade off of.”
Wheat futures for March delivery fell 0.6 percent to $7.82 a bushel at 11:04 a.m. on the Chicago Board of Trade.
The grain has climbed 0.5 percent this month, partly on U.S. winter-crop concerns. In 2012, the price rose 19 percent, the most among 24 raw materials in the Standard & Poor’s GSCI Spot Index
Wheat is the fourth-largest U.S. crop, valued at $14.4 billion in 2011, behind corn, soybeans and hay, government data show.
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