April 17 (Bloomberg) -- Wheat may rise on concern dry conditions and freezing weather in the U.S., the largest shipper of the grain, will further damage drought-hit crops in some of the country’s main growing regions. Corn dropped.
Most of the western and northern U.S. and the Canadian Prairies will have cold conditions, DTN said in a report yesterday. Sustained freezing may hurt the U.S. winter-wheat crop, while in Canada, a deep snow pack is increasing the risk of spring floods that may slow spring planting, DTN said.
"A number of unfavorable weather developments should continue to provide price support," Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, wrote in a report today. "Ongoing frosts are contributing to ongoing yield concerns" for U.S. hard-red winter wheat, he said.
Wheat for July delivery was unchanged at $7.0775 a bushel a bushel on the Chicago Board of Trade by 5:52 a.m. local time. Volume was 51 percent below the average for the past 100 days at the time of day, according to data compiled by Bloomberg.
Milling wheat for November delivery added 0.2 percent to 212.25 euros ($279.41) a metric ton on NYSE Liffe in Paris.
About 31 percent of the U.S. winter-wheat crop was rated poor to very poor as of April 14, up from 30 percent a week earlier, the U.S. Department of Agriculture said April 15.
West Kansas, southeast Colorado and parts of Oklahoma and Texas were seen missing most of the showers and thunderstorms forecast in the central and south plains, DTN said. Cold temperatures may hurt the crop in west Kansas and Texas Panhandle, it said. Kansas, Texas, Oklahoma and Colorado are the top winter-wheat growers this year, the USDA said March 28.
Corn for July delivery lost 0.3 percent to $6.39 a bushel, while soybeans gained 0.1 percent to $13.7625 a bushel.
--With assistance from Rudy Ruitenberg in Paris. Editors: Claudia Carpenter, Sharon Lindores
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