Wheat Market Wanes

Wheat prices withered lower this week, with March futures contracts hitting new lows. Prices are falling as the market tries to absorb bin-busting crops from Australia, Russia, and Canada, three of the world’s largest wheat exporters.

Despite the bearish outlook, some long-term traders are seeing prices near $4.00 per bushel as an opportunity. Many farmers have reduced wheat acreage this year, and poor growing conditions over the U.S. winter could create a shortfall, potentially sparking a rally.