Wheat Prices Slightly Up on Dry Weather, Investment Funds

Although wheat was able to post gains of about 1 percent, primarily on the dry weather pattern in South America, overall poor demand still weighs on upward movement, and should cause the grain to fall.

Another help for prices this week were some investment funds reentering the commodities market.

Global wheat supplies are abundant this year, and most are less expensive than American wheat, which should continue to put downward pressure on the price.

For the week, U.S. wheat exports plunged from the expected 300,000 to 400,000 tons, to only 41,800 tons.

Unless the number of acres planted for wheat goes down significantly, wheat prices could fall to lows as spring breaks in.

If weather continues to be dry in South America, it could help the prices hold for a little longer.