Wheat futures fell on signs that demand will ease as the price of corn, also used in livestock feed, dropped for the fifth time in six sessions. Dry weather in the U.S. will increase the pace of the corn harvest, said Jason Britt, the president of Central States Commodities Inc. in Kansas City, Missouri. Wheat prices dropped 2.6 percent last week. “It’s going to be a very open week for the harvest for corn,” Britt said. “They’re all interconnected, so if we see some harvest weakness develop, you’re probably going to bring wheat back a little.” Wheat futures for December delivery declined 16.25 cents, or 2.3 percent, to $7.0375 a bushel at 10:07 a.m. on the Chicago Board of Trade. Before today, the price jumped 50 percent since the end of June as wet weather curbed production in Canada and the most-severe drought in 50 years hurt Russian crops. Corn futures for December delivery fell 5.75 cents, or 1.1 percent, to $5.16 a bushel. Earlier, the price reached $5.2875, the highest level for a most-active contract since Sept. 29, 2008. Last year, the U.S. was the biggest exporter, followed by Canada, Russia and Australia, Department of Agriculture data show. Wheat is the fourth-biggest U.S. crop, valued at $10.6 billion in 2009, behind corn, soybeans and hay, government data show. To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net. To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.

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