The wheat market is overbought, analyst says

Concerns about freeze damage hitting the winter crops helped lift July Chicago Wheat to a new contract high before that market closed 18ยข off its highs.

Dryness and drought are causing concern in the Northern Plains ahead of spring wheat planting, and the showers this week will do little to increase soil moisture.

The six- to 10-day forecast calls for below-normal precipitation and above-normal temperatures for Nebraska, Kansas, Oklahoma, and Texas.

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