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Wheat logs its biggest weekly decline since 2011

KDWN

Wheat is logging its biggest weekly drop since 2011 as traders reassess 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.

In other trading of farm products, corn and soybeans fell.

Metals were mixed. Silver and platinum dropped while copper and palladium rose. Gold was flat.

In energy trading, the price of oil rose.