Wheat Drops as U.S. Crop Gets Snow Cover and Export Demand Slips
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Wheat futures declined to the lowest since July in Chicago, extending a three-week decline after a storm brought snow cover in the U.S. Plains for next year’s crop and as import demand slowed.
A winter storm in the U.S. this week dumped heavy snow across the Plains and the Midwest that will protect wheat plants against frost and provide moisture when the snow melts in spring. Most of Kansas, Oklahoma and northern Texas was covered in 0.4 inch to 10 inches (1-25 centimeters) of snow as of yesterday, National Weather Service data show.