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Business

March 21, 2017

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Wheat climbs

Wheat climbs

SINGAPORE: Chicago wheat hit its highest in a week on Monday, buoyed by a weaker dollar and concerns over a lack of moisture for the U.S. winter crop.

Corn and soybean prices rose, although gains were limited by bumper South American supplies. Dry weather for hard red winter wheat growing regions in the United States is supporting wheat prices with rains forecast later this week unlikely to provide much moisture.

"The U.S. hard red winter wheat crop´s need for rain is becoming more urgent," said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia. "Weather forecasters have had a rain event pencilled in for the region for Wednesday to Friday this week, though moisture and distribution was always uncertain.

 

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