By STEVE ROTHWELL
2014-05-17 06:01 AM
NEW YORK (AP) -- Wheat logged its biggest weekly drop since 2011 as traders reassessed the outlook for supplies of the grain.
The price of wheat for July delivery fell 4 cents, or 0.6 percent, to $6.74 a bushel on Friday. The grain has fallen for eight straight days and is down 6.6 percent this week, its biggest such decline since September 2011.
The price has fallen after rainfall in growing areas helped alleviate dry conditions. A government report estimated that global wheat production this year would be the second-highest on record.
Traders may also have taken some profits after a big run-up in the price of the grain since the start of the year, said Sterling Smith, a commodities strategist at Citigroup.
"The U.S. does have a wheat problem," said Smith. "But generally speaking, the world does have plenty of wheat."
In other trading of farm products, corn and soybeans fell.
Corn for July delivery eased 0.8 cents, or 0.2 percent, to $4.84 a bushel. The grain is down 4.6 percent this week. Soybeans declined 5.25 cents, or 0.4 percent, to $14.65 a bushel.
Metals were mixed.
Silver for July fell 15.5 cents, or 0.8 percent, to $19.33 an ounce. Gold for June was little changed at $1,293.40 an ounce. Platinum for July fell $3.80, or 0.3 percent, to $1,466.10 an ounce.
Copper for July was little changed at $3.15 per pound. Palladium for June rose $2.90, or 0.4 percent, to $815 an ounce.
In energy trading, oil for June delivery rose 52 cents, or 0.5 percent, to $102.02 a barrel. Wholesale gasoline rose 1 cent to $2.97 a gallon. Natural gas fell 5.6 cents to $4.41 per 1,000 cubic feet and heating oil rose 0.3 cent to $2.95 a gallon.