Wheat prices drop on Russian crop outlook
Wheat prices drop on improving outlook for Russian crop
By The Associated Press
Associated Press
2014-06-11 03:42 AM

NEW YORK (AP) -- Wheat is falling as the outlook for the crop in Russia improves after cooler and wetter weather.

The price of wheat for July delivery fell 11.25 cents, or 1.8 percent, to $6.01 a bushel.

Wheat prices have slumped in the last two months. They surged at the start of the year on concern that supplies would be crimped amid tensions between Russia and Ukraine, both big wheat exporters.

The U.S. government forecasts that global supplies of wheat will remain close to last year's levels as increased supply from overseas offsets a decline in U.S. supplies.

The price of corn also fell, while soybeans rose.

In metals trading, gold and silver edged higher. Platinum, copper and palladium rose as well.

The price of oil was little changed.

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