March 18, 2009
Wheat falls from one-month high on improved US crop ratings
Wheat fell from its highest in a month after a US report showed improvement in crop conditions in Texas and Oklahoma and amid reports that India may subsidise wheat exports.
Wheat for May delivery declined 0.2 percent to US$5.4325 a bushel on CBOT, while the contract jumped 5 percent on Monday (Mar 16), the biggest rally since November 24.
Texas crop was rated 12 percent good or excellent, up from 10 percent a week ago, the USDA said. In Oklahoma, 25 percent of the wheat crop earned top ratings, up from 21 percent.
Wheat futures reached US$5.465 on Monday, the highest since February 17.
India, the world's second-largest wheat producer, may subsidise exports to deplete government stockpiles that are squeezing granaries.
