Wheat Market Wilts

As US farmers are harvesting their winter wheat crop, prices are plunging. Crop yields are projected to be at record highs this year, which will add to a global supply that should break record levels as well.

Forecasts for dry weather will likely help speed up the harvest, which could continue pressuring prices.

Overwhelming supply of wheat knocked prices to ten-year lows last month, with Kansas City wheat dropping as low as $4.31 per bushel. Other major global producers have been discounting their wheat, undercutting US farmers, making it even more difficult to turn a profit this year.