Wheat Jumps as ‘Panic Brewing’ on Supply; Rice Futures Climb
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Wheat prices jumped the most in seven weeks as excessive rainfall threatened to reduce grain quality and delay the harvest in Australia, the world’s fourth-largest exporter. Rice futures rose the most since August.
Areas of New South Wales, the biggest wheat-producing state, got more than 5 centimeters (2 inches) of rain in the past 24 hours, according to data from Australia’s Bureau of Meteorology. The three months ended Nov. 30 were the country’s wettest on record, the agency said. The harvest may be four weeks behind normal, said GrainCorp Ltd., the top bulk-wheat handler in the eastern region.