Wheat Jumps Near 14-Month High as Russia Drought Dims Harvest
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Wheat rose to the highest price in almost 14 months, capping the biggest monthly gain since 1973, as drought in exporting countries including Russia threatened to reduce supplies.
Global inventories will fall to 192 million metric tons by June 30, 2011, down 2.5 percent from a year earlier, the London- based International Grains Council said yesterday. Russia’s harvest will drop 19 percent to 50 million tons this year, the IGC said. Drought has damaged 32 percent of Russia’s planted area, the government said.