Wheat, Corn Gain as Indian Monsoon May Cut Production; Soy Rises
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Wheat and corn gained for the first time in four days as the lightest Indian monsoon in three years may curb global production already hurt by dry weather in the U.S., Russia and Australia. Soybeans also rose.
Monsoon rains may be 85 percent of a 50-year average, the India Meteorological Department said today. Rainfall in the country, the world’s second-biggest wheat producer, is 20 percent below normal this season, the department said. U.S. corn yields may fall as low as 118 bushels an acre, Deutsche Bank said today. That’s below a government forecast of 146 bushels an acre.