Wheat Gains Most in 3 Weeks on U.S. Exports; Soybeans, Corn Rise

Wheat rose the most in three weeks after a government report showed U.S. export sales last week jumped to a two-month high, signaling improved demand for grain from the world’s largest shipper. Soybeans and corn gained.

Exporters sold 828,051 metric tons of wheat in the week through Feb. 28, up 58 percent from 524,914 tons a week earlier, the U.S. Department of Agriculture said today. That’s the highest total since Dec. 20. U.S. supplies have become more appealing for importers after prices dropped 12 percent this year through yesterday, partly because snow storms are easing drought conditions in the Great Plains.

“Export sales were pretty big,” Louise Gartner, the owner of Spectrum Commodities in Beavercreek, Ohio, said in a telephone interview. “We’ve had pretty impressive sales numbers the past couple of months.”

Wheat futures for May delivery gained 1 percent to $6.9075 a bushel at 9:10 a.m. on the Chicago Board of Trade, heading for the biggest gain since Feb. 15. Last year, concern over drought damage sent prices up 19 percent, the biggest gain among 24 commodities tracked by the Standard & Poor’s GSCI Spot Index.

Soybean futures for May delivery rose 0.4 percent to $14.7175 a bushel in Chicago, heading for a third increase in four days. The price through yesterday was up 4 percent in 2013. Corn futures for May delivery advanced 0.1 percent to $6.895 a bushel on the CBOT, after fluctuating between gains and losses.

To contact the reporter on this story: Tony C. Dreibus in Chicago at tdreibus@bloomberg.net

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net

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