Wheat price drops again

The wheat price fell again yesterday by nearly 3% and dropped below 500 US cents per bushel for the first time since the beginning of the month. In the crop progress report it published yesterday, the USDA left its figure for winter wheat plants rated as being in good or excellent condition unchanged at 43%, notes Commerzabank. Given that the USDA had raised its yield estimate last Wednesday, any downgrading of quality - as had been undertaken in the two previous weeks - would in fact have been difficult to understand. 

There appears to be an end in sight to the in some cases heavy rain that has been falling in some parts of the Great Plains, which should then allow the harvest to proceed smoothly in the affected regions of Texas, Oklahoma and Kansas, suggests Commerzbank.