Chicago wheat prices decline amid rapid pace of harvest in the US
CBOT wheat futures fell sharply on June 14-20. During the week the price decreased by 47.4 USc to 572.6 USc/bu.
The Crop Progress report confirmed market expectations that the US harvest would progress quickly. As of June 16, 27% of the acreage had been harvested, compared to the five-year average of 16%. Such a fast pace of harvest leads to a quick supply of grain to the market, putting pressure on prices.
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