Wheat Drops to Five-Month Low as Wet Weather Boosts U.S. Crop
This article is for subscribers only.
Wheat fell to the lowest in more than five months on speculation that wet weather will improve the condition of the U.S. winter crop.
Parts of the eastern Midwest, where low-protein, soft-red winter wheat that’s traded in Chicago is grown, will receive “moderate to locally heavy rain” today, forecaster DTN said in a report. Snowfall in parts of northern Kansas and southern Nebraska, where hard-red winter varieties are grown, also may boost crop prospects, DTN said. Prices have jumped 21 percent in 2012 as dry weather reduced production.