Grains across the board closed lower Tuesday, and wheat fails to gain traction.
Wheat prices continue to struggle as farmers bring in the last of the spring wheat crop.
In Chicago, September wheat closed down about seven cents.
David Scemm, vice president of the National Association of Wheat Growers, says farmers don’t have a lot of flexibility because a lot of wheat growing is grown in seat rotations.
“Guys that have greater flexibility, they’re going to be pulling off a fall crop shortly and will have to see what the market does,” said Scemm.
When adjusted for inflation, this historic low averages compare to prices of the 1930s.
Wheat prices hit an all-time low August 26.