Wheat prices declined to its lowest level in more than six weeks as a short-covering rally stalled and bearish sentiment retook the market.ำ as forecasts for rainfall in the U.S. Great Plains outweighed buying by bear investors. Private forecasters said widespread rainfall from late Thursday into the weekend would aid the growth of winter wheat. Still, analysts said some concerns remain over dryness in major wheat-growing states like Kansas. "Generally speaking, 3 good rains before harvest in the spring will make [a hard red winter wheat] crop. Don't think we are out of the woods, just because of one good slug of rain.” May wheat shed 6 1/4 cents, or 1.3%, to $4.90 3/4 a bushel, the lowest since March 6.
Great plains