Wheat rises on FSU planting cuts
Wheat futures gained 0.5% to the highest intraday price in 15 weeks on speculation that excessive rain in Russia and Ukraine will curb planting of the grain, cutting global production. Soybeans also rose while corn prices declined.
Rain that fell through last week kept farmers out of fields in parts of Russia and Ukraine, the world's fourth- and fifth-biggest exporters of the grain. Declining production in the former Soviet Union may mean increased demand for wheat from the U.S., the world's biggest shipper. U.S. exports have already jumped in the year that started on June 1, according to the Department of Agriculture. Brazil started purchasing U.S. supplies after Argentina, in a bid to boost domestic supplies, stopped exporting the grain.
With electronic trading paused until the open outcry session starts at 9:30 a.m. EDT, Chicago Board of Trade wheat for December delivery rose 3 3/4 cents, or 0.5%, to $6.98 1/2 a bushel. The price earlier rose to $6.99 3/4 a bushel, the highest for the front month contract since June 21.
Soybean futures rose 2 1/4 cents, or 0.2%, to $12.98 3/4 a bushel on the CBOT. The price gained on reports that yields in Iowa, the largest producer in the U.S., are coming in lower than those in southern states.
Corn futures for December delivery on the CBOT fell 2 1/4 cents, or 0.5%, to $4.47 a bushel overnight.
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(END) Dow Jones Newswires
October 08, 2013 09:02 ET (13:02 GMT)
DJ Wheat Gains to 15-Week High as Russia, Ukraine Rain May Cut Planting->copyright
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