Wheat Jumps as U.S. Says Global Crop to Fall to Three-Year Low
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Wheat prices increased for the first time in a week after the U.S. Department of Agriculture said global production will drop 5.1 percent to a three-year low.
Worldwide output will fall to 645.7 million metric tons in the year that began June 1 from 680.3 million a year earlier, the USDA said today in a report. The most-severe drought in at least 50 years in Russia and adverse weather in Canada and other producing countries have damaged crops. Exports from the U.S., the top exporter, will jump 36 percent, the USDA said.