Wheat Surges Most in 19 Months as Drought Hurts Russia Crop
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Wheat jumped the most in 19 months on speculation that a prolonged dry spell will widen crop damage in Russia, the world’s fourth-largest exporter.
Russia’s grain harvest will drop by at least 20 percent from last year, to 77 million metric tons, the country’s Grain Producers’ Union said today. The dollar has declined 1.6 percent this week against a basket of major currencies, boosting the appeal of wheat from the U.S., the world’s largest exporter. Wheat futures have surged 24 percent this month.