Wheat rose to the highest level in more than a week on speculation freezing conditions in parts of the U.S. will curb winter crops in the world’s biggest exporter.
The contract for March delivery advanced as much as 0.7 percent to $5.615 a bushel on the Chicago Board of Trade, the highest since Nov. 17, and was at $5.6075 by 10:57 a.m. in Singapore. Prices are up 5.3 percent in November, heading for a second monthly increase.
About 58 percent of the U.S. crop was in good or excellent condition as of Nov. 23, down from 60 percent a week earlier and 62 percent a year ago, according to the Department of Agriculture. In areas such as western Nebraska and Kansas where little, if any, snow is on the ground, sub-zero temperatures may have harmed winter wheat, WeatherBELL Analytics LLC said Nov. 24. The U.S. was the top shipper in 2013-2014, USDA data show.
“Cold conditions last week appear to have caused some damage to U.S. winter wheat seedlings,” Australia & New Zealand Banking Group Ltd. said in an e-mailed note today.
Futures for hard red winter wheat for March delivery added as much as 0.4 percent to $6.2125 a bushel in Chicago, the highest level for a most-active contract since Sept. 10.
Corn for March delivery rose 0.3 percent to $3.8825 a bushel. Soybeans for delivery in January retreated 0.1 percent to $10.5025 a bushel.