22-02-2013 08:49 AM | USA

Wheat trades near eight-month low

Wheat traded near the lowest in almost eight months and headed for the biggest weekly decline since Jan. 4 amid optimism that snowfall in Kansas may improve crop conditions in the largest U.S. grower of winter varieties.

While futures rose 0.2 percent to $7.255 a bushel on the Chicago Board of Trade by 9:45 a.m. in Singapore, they are set for a 3.1 percent slide this week, the fifth such drop. Volume was 50 percent less than the 100-day average for this time of day. Prices fell to $7.225 yesterday, matching the low on Feb. 13, which was the cheapest since June 25.
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