Wheat Gains as Declining Crop Conditions Threaten Supply
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Wheat futures rose to a five-week high on speculation that global supplies will tighten as crop conditions deteriorate in the U.S. because of dry weather and rain delays planting in parts of Europe.
About 39 percent of the U.S. winter crop was in good or excellent condition as of Nov. 4, the lowest for the week since data started 27 years ago, the Department of Agriculture said on Nov. 5. The French soft-wheat crop was 64 percent planted as of Oct. 29, compared with 88 percent last year, FranceAgriMer said on Nov. 2.