Aug. 5 (Bloomberg) -- Archer Daniels Midland Co., Monsanto Co. and Potash Corp. of Saskatchewan Inc. rose in New York trading amid speculation that U.S. wheat exports will gain as the grain traded at a 23-month high and Russia banned exports.
Dry weather in Russia, Kazakhstan, Ukraine and the European Union, and flooding in Canada have also ruined crops and drove a surge in Chicago wheat prices of as much as 92 percent since June 9. Russia’s drought is now threatening sowing plans for winter grain and damaging other crops including sugar beets, potatoes and corn, the national weather center said this week.
“It will increase our tonnage coming out of U.S.,” said Roger Baker, head of the North American wheat-trading desk in St. Paul, Minnesota at CHS Inc., the largest U.S. cooperative grain marketer.
ADM, the world’s largest grain processor, rose $1.64, or 5.7 percent, to $30.25 at 4:15 p.m. in New York Stock Exchange composite trading, the biggest gain since May 8, 2009. The shares have fallen 3.4 percent this year.
Monsanto, the St. Louis-based company which is the world’s largest seed maker, advanced $1.86, or 3.1 percent, to $61.28. Saskatoon, Saskatchewan-based Potash Corp., the biggest maker of the mineral used in fertilizer, climbed $2.85, or 2.6 percent, to $114.24.
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