Shortly after 8 a.m., wheat was down 1.53 percent, a 1.275 cent reduction to $8.225 per bushel. The commodity had rallied to a five-month high, but the performance changed very recently.
"The wheat market has been strong and last night outstripped the gains across the other commodity classes," Luke Mathews, a strategist at Commonwealth Bank of Australia, told Bloomberg.
Inclement weather is also impacting the price of wheat and other grains. The Australian state of Queensland, a large producer of grains, has endured flooding for the past month as the nation finds itself in the rainy season, which will not let up until late March.
Other high-producing grain regions also have suffered as a result of the weather.
"Everybody is aware of the weather situations going on right now," Connor Noonan, an analyst with Castlestone Management in London, told Bloomberg. "Everybody has priced in the floods in Australia, and now we have flooding in South America. All of that combined, people are taking a little off the table."