Wheat Jumps to Five-Month High on Grain Demand, Adverse Weather
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Wheat rose to a five-month high in Chicago on signs of stronger demand and on speculation adverse weather that has hurt production in Australia, the U.S. and South America will persist.
U.S. sales to overseas buyers surged to 1.054 million metric tons in the week ended Jan. 13, seven times more than a week earlier and the most since August, the Department of Agriculture said last week. Cold weather in the U.S. and a drought in China curbed crop prospects as rain in Australia floods fields and drought in South American hurts plants.