Wheat Rallies to Three-Month High as Dry Spell Hurts Crop
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Wheat futures capped the biggest weekly gain in almost five years on speculation that dry weather in the U.S. and the Black Sea region will hurt crops and limit production.
Little or no rain has fallen during the past 30 days in parts of Kansas, the biggest U.S. producer, National Weather Service data show. Russia’s grain crop will total 91 million metric tons this year, 2.7 percent less than forecast in April, because of dry weather, the country’s Institute for Agricultural Markets, known as Ikar, said today.