Wheat Gains as Dryness in U.S., Rains in Australia Hurt Crops
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Wheat rose for a third day in Chicago on concern that dry weather in the U.S. may hurt the crop in the world’s largest exporter and rains might delay harvesting in Australia, causing reduced quality.
Hard red winter-wheat areas in the U.S. will stay dry over the next week, said Mike Tannura, a meteorologist and agricultural economist at T-Storm Weather LLC, in an e-mail today. Recent rains may extend harvesting delays by up to two weeks in some Australian growing regions, according to GrainCorp Ltd., eastern Australia’s largest grain handler.