Wild Wheat Swings Spurred by U.S. Drought Threat, Export Outlook
- High-protein grain used in bread reaches highest in four years
- Egypt said to buy cargoes from Russia, Romania, shunning U.S.
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Spring wheat prices posted wide swings after reaching a four-year high as traders weighed prospects for an intensifying drought in the High Plains against signs that U.S. supplies aren’t competitive in export markets.
On the Minneapolis Grain Exchange, high protein spring wheat for September delivery rose 0.5 percent to close at $8.1975 a bushel. Earlier, the price jumped as much as 6.4 percent to $8.685, the highest for a most-active contract since Feb. 1, 2013. The commodity then slumped as much as 5.1 percent, pushing 60-day volatility to the highest since August 2015.