Wheat Jumps to 13-Month High on Europe Drought; Corn, Soy Gain
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Wheat futures surged to a 13-month high and corn and soybeans rose as drought damages crops in Russia, Ukraine and other parts of Europe, increasing demand for supplies from the U.S., the world’s biggest exporter.
Ukraine, the third-largest exporter of feed grains and fifth-largest wheat shipper, may limit exports, Agriculture Minister Mykola Prysyazhnyuk said today. In Russia, record high temperatures may cut field-crop production 25 percent, Moscow- based researcher SovEcon said yesterday. The price of European milling wheat jumped as much as 5.1 percent today in Paris.