Wheat Caps Fourth Straight Weekly Gain on Reduced World Output
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Wheat futures, little changed today, capped the fourth straight weekly gain as adverse weather slashed production in Russia and Canada, two of the world’s four-biggest exporters.
Drought in Russia damaged 32 percent of the planted grain, Agriculture Minister Yelena Skrynnik said today. Harvests in Canada and Ukraine will decline after excessive rainfall reduced seeding and hurt crop prospects. The price gained 1.5 percent this week and is up 24 percent in July.