Wheat Drops for Second Day as Weather Conditions in U.S. Improve
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Wheat declined for a second day as weather conditions improved in growing areas including the U.S. and as Russia was set to return to the export market, increasing supplies. Rice futures advanced.
Warm temperatures and showers were forecast in the Dakotas and northern Minnesota, benefiting spring wheat and corn crops, while scattered rains and cooler temperatures in Western Europe may aid winter-wheat crop development, Telvent DTN Inc. said in a forecast yesterday. Egypt said it plans to buy at least 55,000 metric tons of the grain, and Russia was added as an approved source.