Wheat Futures Plummet as Traders Unwind Positions Before Weekend

The wheat futures market saw significant drops in price across major exchanges as traders closed their positions ahead of the weekend, Detik Finance reported.

The Chicago Board of Trade (CBOT) Soft Red Winter wheat futures fell between 12 and 18 1/4 cents in front-month contracts, with the September contract declining by 4 3/4 cents over the week.

The Kansas City Hard Red Winter wheat futures also declined, dropping by 10 to 14 3/4 cents in nearby contracts on the day. However, the September contract maintained a weekly gain of 13 cents.

The Minneapolis Grain Exchange (MGEX) spring wheat futures decreased by 10 to 15 7/4 cents, but the front-month September contracts recorded a weekly advance of 22 1/2 cents.