March 10 (Bloomberg) -- Wheat rose for the second time in three sessions on signs that a prolonged drought in the southern Great Plains is damaging winter crops in the U.S., the world’s largest exporter of the grain.
About 45 percent of Kansas wheat was in good or excellent condition as of March 8, down from 50 percent a week earlier, the U.S. Department of Agriculture said yesterday. About 21 percent of the Oklahoma crop earned top ratings, down from 23 percent, and the Texas evaluation was unchanged at 10 percent.
“The crop reports came out last night, and they’re not good,” said Vince Ambrose, a trader at MF Global in Chicago. “They’re getting some rain in Kansas, in the southeastern part, but they need it in the west.”
Wheat futures for May delivery rose 9.5 cents, or 1.8 percent, to $5.3275 a bushel on the Chicago Board of Trade. The price is up 6.2 percent in the past week because of the drought. more...
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