Wheat Jumps to Five-Month High on Adverse Weather; Rice Climbs
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Wheat rose to the highest price in almost five months as floods may hamper grain shipments from Australia and cold temperatures threatened U.S. crops. Rice gained, extending the longest rally in a month.
In the Australian state of Queensland, floods spread across an area the size of France and Germany, swamping roads. In the southern U.S. Great Plains and central Midwest, “intense cold” in the next 11 days to 15 days “poses a 50 percent risk of damage” for winter crops, according to Commodity Weather Group.