The prospect of setbacks in production might prompt wheat next year to push grain prices, displacing corn from that position, an economist with the Food & Agriculture Organization of the United Nations told Bloomberg this week.
Though corn and soybeans established record prices this year, wheat is down 37 percent from its top price, which was established in 2008.
"People are perhaps a little bit underestimating the problems we could have with wheat," Abdolreza Abbassian told the news source on Thursday from Rome. "We could end up in a situation where we see wheat leading and others follow if we see a problem in the Black Sea putting pressure on U.S. supplies."
At 12:31 p.m. on Thursday, wheat futures fell 0.52 percent, a 0.045 cent loss to $8.555 per bushel. Corn futures fell 0.96 percent, a 0.0725 cent slip to $7.505 per bushel. Soybeans gained 0.19 percent, a 0.0275 cent gain to $14.82 per bushel.
Pressuring wheat futures on Thursday was underwhelming economic data released by the U.S. regarding exports, according to Reuters.
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