Wheat Futures Advance on Mounting U.S. Drought Concerns
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Wheat futures rose on mounting concern that the most-severe drought since the 1930s will erode prospects for the winter crop in the U.S., the world’s biggest grain exporter.
Little or no rain fell in the past 30 days in parts of Kansas, the biggest U.S. winter-wheat grower, National Weather Service data show. Parts of the southern Great Plains are in an “exceptional drought,” facing widespread crop and pasture losses and water shortages, according to the U.S. Drought Monitor.