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Wheat Resumes Rally, Climbs Above $6 a Bushel Amid Russian Drought Damage
Wheat futures rose in Chicago, reversing an earlier loss, on renewed concern that drought in Russia may global cut supplies. Corn and soybeans also gained.
September-delivery wheat advanced as much as 0.8 percent to $6.0125 a bushel on the Chicago Board of Trade, reversing a 0.5 percent loss. The contract traded at $5.99 a bushel at 4:17 p.m. in Singapore, taking the fourth weekly gain to 2 percent.
About 20 percent, or 10 million hectares (24.7 million acres) of Russia’s grain plantings were ruined by the worst drought in at least a decade, Ekho Moskvy reported, citing Agriculture Minister Yelena Skrynnik. Russia was world’s third- largest wheat producer in the 2009-2010 season, according to the U.S. Department of Agriculture.
“Adverse weather conditions in major growing regions around the world can be a bullish factor,” CWA Global Markets Pty said in a report e-mailed today. Dry weather will hurt yield prospects, it said.
Japan is seeking to buy 153,326 metric tons of milling wheat from the U.S., Canada and Australia in a regular tender on July 27, the Ministry of Agriculture, Forestry and Fisheries said today. The Asian nation was forecast by the USDA on July 9 to import 5.2 million tons in the 2010-2011 season, making it the world’s fourth-largest buyer.
December-delivery corn advanced 0.5 percent to $3.925 a bushel at 4:17 p.m. Singapore time, erasing an earlier loss of as much as 0.6 percent. The contract is set for a 3.6 percent decline this week, the first loss this month.
Soybeans for November delivery rose 0.3 percent to $9.825 a bushel, reversing a loss of 0.3 percent. The contract is headed for a 0.3 percent loss this week, the first in the past three weeks.
To contact the reporter on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net.
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