Wheat prices rose the most in a week on speculation that dry weather will reduce output more than forecast in Argentina and Russia.
Argentina is “too dry,” and more rain is needed to boost yields in Russia and Ukraine, where growers are preparing to plant winter wheat, according to T-Storm Weather in Chicago. Wheat futures have jumped 47 percent since the end of June as adverse weather reduced harvests and crop prospects.
“There are a few mounting concerns about dryness,” said Dewey Strickler, the president of Ag Watch Market Advisers in Nashville, Tennessee. “We could be looking at a situation where wheat stocks are going down a bit.”
Wheat futures for December delivery rose 9.5 cents, or 1.4 percent, to close at $7.045 a bushel at 1:15 p.m. on the Chicago Board of Trade, the biggest gain since Aug. 23. Futures have gained 6.5 percent this month, partly because the drought in Russia curbed production.
Last year, the U.S. was the largest wheat exporter. Canada and Russia were tied for second, followed by Australia, Ukraine, Kazakhstan and Argentina, U.S. Department of Agriculture data show.
Demand for U.S. inventories may rise as global output declines. Worldwide stockpiles may fall 9.9 percent to 174.8 million metric tons, the USDA said this month.
The government said today it inspected 25.5 million bushels for overseas delivery in the week ended Aug. 26, up 3.6 percent from a week earlier. The amount jumped 73 percent in three weeks.
Wheat is the fourth-biggest U.S. crop, valued at $10.6 billion in 2009, behind corn, soybeans and hay, government data show. LINK
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