CHICAGO: Chicago Board of Trade wheat futures reached their highest prices in more than a week on Wednesday on concerns about poor crop weather reducing global harvests, before ending lower.
Chicago Board of Trade September soft red winter wheat lost 3-1/4 cents at $4.94-1/2 per bushel. The most active contract traded up to $5.05, its highest since July 10, before paring gains.
K.C. September hard red winter wheat dipped 3 cents to $4.87-3/4 a bushel.
Technical selling weighed on prices after early gains, traders said.
Euronext wheat also eased, as the market took a pause following a four-session rally that had brought prices close to 2018 highs amid worries about weather hurting Europe’s harvests.
Germany’s farming association said the winter wheat harvest would be substantially down from last year but it was currently unable to give an estimate because of uncertainty about drought damage.