Economics
Wheat Advances as Drought Threatens New Crop Planting in Russia
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Wheat futures rallied as persistent drought disrupted planting of the next crop in Russia, Kazakhstan and East Ukraine amid sustained purchases by Egypt, the world’s biggest buyer.
December delivery wheat gained as much as 1.1 percent to $7.44 a bushel on the Chicago Board of Trade before trading at $7.4225 at 9:52 a.m. in Singapore. The contract slumped as much as 2 percent yesterday after Australia, the world’s fourth-largest exporter of the grain, said shipments in the 2010-2011 season may be the second-highest on record.