Wheat Rises to Three-Week High as Dry Weather Threatens Crops
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Wheat rose to a three-week high in Chicago on speculation persistent dry weather and low temperatures will erode winter crops in the U.S., the world’s biggest exporter. Corn extended its longest rally in a year.
No significant precipitation is expected in the southern and central U.S. Great Plains in the next 10 days and northern regions may be dry for the next seven days, forecaster DTN said in a report today. Wheat-growing areas in the northern Midwest may have temperatures near zero degrees Fahrenheit (minus 18 degrees Celsius) starting Jan. 22. The U.S. winter-wheat crop was in the worst condition since 1985 as of the end of November after dry weather, Department of Agriculture data show.