Wheat futures climbed for a third day on signs that Ukraine will limit exports, and on speculation that dry weather in the southern U.S. Great Plains will curb production. Corn advanced, while soybeans fell.
Ukraine’s wheat exports will reach 5 million metric tons by Nov. 15, Volodymyr Klymenko, the head of the country’s Grain Association, said today. That may prompt the government to introduce shipment limits, he said. Parts of Kansas, the biggest U.S. producer of winter varieties, have received little rain in the past month, National Weather Service data show.
“We have a key competitor in Ukraine announcing it may end wheat-export sales,” Rich Nelson, a chief strategist at Allendale Inc. in McHenry, Illinois, said by telephone. “Combine that with the dryness in the U.S. Plains, and that’s causing some concern. Spring rains are what determine the crop, but if a crop looks bad going into winter dormancy, that’s cause for concern.”
Wheat futures for December delivery rose 0.5 percent to settle at $8.725 a bushel at 2 p.m. on the Chicago Board of Trade. The price has gained 34 percent this year and rose 1.8 percent this week.
Corn futures for December delivery climbed 0.1 percent to $7.615 a bushel in Chicago, ending the week up 1.1 percent. Soybean futures for November slid 0.7 percent to $15.3425 a bushel on the CBOT, paring this week’s gain to 0.8 percent.
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