Wheat futures rose to a four-week high after exports sales almost doubled from the U.S., the world’s biggest shipper.
Net sales surged to 842,000 metric tons in the week ended June 14 from 432,871 tons a week earlier, the U.S. Department of Agriculture said today. Japan purchased 143,500 tons, and China bought 114,500 tons. Wheat climbed for the fourth straight day, the longest rally in a month.
“Export sales being reported looked pretty good this morning,” Jamey Kohake, a branch manager at Paragon Investments in Silver Lake, Kansas, said in a telephone interview. “We’re getting a bounce off that.”
Wheat futures for September delivery gained 0.6 percent to $6.8725 a bushel at 10:18 a.m. on the Chicago Board of Trade. Earlier, the price reached $7, the highest for a most-active contract since May 22.
Wheat is the fourth-largest U.S. crop, valued at $14.4 billion in 2011, behind corn, soybeans and hay, government data show.