Tags: AGRITOPZ2 | ALLTOP | BARLEY | BNALL | BNSTAFF | BNTEAMS | BUSINESS

Wheat Rises as Dry Weather in U.S. Great Plains May Harm Crop

Tuesday, 26 Oct 2010 11:52 AM

 

Wheat futures rose the most in two weeks on renewed concern that dry weather in the U.S. Great Plains will hurt the early development of winter crops.

Growing areas in the central and southern Plains for the hard red-winter variety will get “minimal to non-existent” rainfall in the next 14 days, Chicago-based QT Weather said today in a report. About 47 percent of the U.S. wheat crop was rated good to excellent in the week ended Oct. 24, down from 62 percent a year earlier, the Department of Agriculture said yesterday.

“Wheat conditions are a little disappointing,” said Jerod Leman, a broker at Wellington Commodities in Carmel, Indiana. After storms last week, “some areas got missed, and still need a rain,” he said.

Wheat futures for December delivery climbed 13.25 cents, or 2 percent, to $6.8725 a bushel at 10:19 a.m. on the Chicago Board of Trade. A close at that price would mark the biggest gain for a most-active contract since Oct. 8. Before today, the grain jumped 40 percent since the end of June after drought in Russia and Eastern Europe slashed crops.

Wheat is the fourth-biggest U.S. crop, valued at $10.6 billion in 2009, behind corn, soybeans and hay, government data show.


© Copyright 2015 Bloomberg News. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mitt Romney: I Won't Run in 2016

Friday, 30 Jan 2015 10:55 AM

Three weeks after unexpectedly saying he was considering another run for president, Mitt Romney announced he has no plan . . .

Kerry Cancels His Trip to Russia As Tensions Rise

Friday, 30 Jan 2015 11:24 AM

Secretary of State John Kerry has canceled a planned trip to Moscow next week to discuss the ongoing crisis in Ukraine w . . .

Obama Vows to 'Happily' Veto Bills That Reverse Amnesty

Friday, 30 Jan 2015 11:24 AM

President Barack Obama declared Thursday night that he would "happily" veto legislation he felt would worsen the nation' . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved