Prices have been pushed down by a lack of demand and strong crop expectations for the year, which were only heightened with a pair of recent blizzards that have helped provide cover for winter wheat crops in the Great Plains, according to AccuWeather.com.
With prices so low, data from the U.S. Department of Agriculture show that the U.S. began exporting greater amounts of wheat, selling as much as 699,257 metric tons for the upcoming year.
"Traders will be following closely the U.S. wheat exports number," Arnaud Saulais, a broker at Starsupply Commodity Brokers, told Bloomberg. "Milling wheat has been strongly supported by international demand over the past days."
Despite some modest gains, wheat prices are heading for their fourth consecutive monthly drop.
At 10:00 a.m. Eastern time, Chicago wheat futures were up 0.84 percent, a 6-cent increase to $7.18 per bushel.
Nevertheless, reports suggest the U.S. wheat crop will need further precipitation to avoid damage from the droughts plaguing the growing regions recently.
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