Iran wheat

"Drought is expected to reduce Iran's wheat crop by 20 percent to about 12.0 million tonnes -- its lowest level in six years, according to the U.S. Agriculture Department.

It's unlikely Iran will buy more wheat from the United States until late 2008 or early 2009, traders said.

"Whatever buying is being done is being done selectively," said a U.S. wheat trader. "They're doing it at the right time with new crops coming on stream. They're not overly aggressive with it so prices continue to decline as more wheat comes off the field.""