Wheat Jumps to Highest Since 2008 as Global Droughts Erode Crops
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Wheat futures jumped to the highest in almost four years as the worst drought since 1956 erodes crop prospects in the U.S. and dry weather hurts production in Australia and Russia.
Little rain will fall during the next seven to 10 days in the northern Great Plains of the U.S., the world’s biggest wheat exporter, forecaster Telvent DTN said in a report. Australia will be drier-than-normal for the next three months, the Bureau of Meteorology said. Russian farmers will collect 46.5 million metric tons of the grain in the year that began July 1, down 4.1 percent from 2011, researcher SovEcon said.