Wheat Gains for Second Day as Drought May Erode U.S. Supplies
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Wheat rose for a second day in Paris on speculation global supplies will tighten because of dry weather in the U.S., the world’s largest exporter of the grain.
Only 34 percent of U.S. winter wheat was rated good or excellent as of Nov. 18, the worst condition since tracking of data began in 1985, Department of Agriculture figures show. Prices climbed 39 percent this year in Paris trading after droughts in the U.S., Russia and eastern Europe. European Union export licenses for soft wheat in the marketing year begun July 2 are up 11 percent from a year earlier.