Wheat is now up by 61% ever since the month of May as floods played havoc in Eastern Europe and Canada while drought brought in sterility in Russia.
A record 354,169 futures and alternatives contracts swapped hands on Chicago Board of Trade on 6th August when prices attained its crest for the given year and then subsequently dropped by the uppermost level that was allowed by the exchange.
A market Analyst for Prime Agricultural Consultants Inc, in Brookfield, Wisconsin, Chad Henderson said that record volume seen the previous Friday indicated an overburden on the rally based on plunged supplies all through the world.
Wheat futures for December delivery dropped 17 cents or 2.3% to close at $7.2675 a bushel.
On 6th August, the price reached $8.68 and then dropped to $7.5535, which means it ended down by 60 cents for the day.
The price has dropped by 11% ever since 5th August, which is the topmost three-session plunge since early parts of October of the year 2008.
December wheat futures on the Kansas City Board of Trade dropped 8.25 cents or 1.1, settling at $7.275, which is lowest close for the week. The price attained $8.3725 on 6th August, the best for the same month of the year 2008.
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