Forecasts for inclement weather helped draw down the price of wheat futures on Thursday, according to Bloomberg.
The value of the grain slipped from its top price in four months amid threats posed by heavy rains and snowfall in the central and southern plains areas of the U.S. Demand for winter crops sowed last fall gained.
"The winter remains unusually mild in the U.S., which could have a positive effect on crop growth there, particularly since there has recently been sufficient rainfall in areas of cultivation," states a Thursday report authored by analyst Carsten Fritsch with Commerzbank in Frankfurt.
At 11:04 a.m. on Thursday, wheat futures dropped 0.63 percent, a 4.25 cent loss to $6.70 per bushel.
The globe's top exporter of the grain commodity is the U.S.
The Wall Street Journal reports the grain on Wednesday touched its top value since mid-late September amid worries about a slowdown of exports deriving from the Black Sea region. Winter weather also is likely to impact the price of the commodity across Europe as the majority of wheat planted there was sown in the fall and will be ready for harvesting this spring.
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