Wheat waving

摘要

Hot and dry weather around the world pushed wheat prices higher in July but analysts expect wheat to head down throughout August.rnMike O'Dea, risk management consultant at FC Stone, says several factors are moving wheat. "You've got short-covering around from the traditional spec funds. You have weather issues in Canada and most of the Black Sea exporting countries and that helped fuel some of the short covering. There's new fund money coming into the market looking for a place to get parked," he says. O'Dea expects wheat to go down to $5 a bushel by mid-August.