• Print
• E-Mail

Wheat dropped on Monday amid concerns that the world's producers will plant more of the grain to benefit from the high prices.

Wheat for May delivery dropped by 2.8 percent or 27.5 cents to $9.6375 a bushel on the Chicago Board of Trade.

Wheat futures increased as high as $13.495 on Feb.27 amid concerns that there will be smaller global stockpiles following the excessive rain that hurt U.S. crops in 2007 and drought that reduced yields in Canada and Australia.

Global wheat production was forecasted to increase by 7 percent this year to 646 million metric tons.

U.S. farmers were forecasted to plant 5.6 percent more, or 63.8 million acres in the year that ends May 31.

The U.S. Department of Agriculture said farmers will plant 14.3 million acres with high protein spring wheat especially in the northern plains including North Dakota and Minnesota.

Wheat was the biggest U.S. crop valued at $13.7 billion in 2007 after corn, soybeans and hay.