USDA report sparks wheat price fall

Wheat prices have fallen again today (30 June) after the US Department of Agriculture released a bearish crop report.

London November 11 wheat futures were down £7.50/t on the day to £161/t by late afternoon, while May 12 was down around £11 to £165/t.

This followed the much-anticipated USDA report which predicted an increase in US corn production, countering suggestions that rain in the US Midwest this spring had prevented many fields from being planted.

The news sparked a fall in US and European futures markets.

Earlier in the week, markets had recovered a lot of ground lost on the back of fund selling.