U.S. wheat futures jump to four-month high as Russia's wheat crop suffers from drought

seekingalpha10-03

U.S. wheat futures settled above the $6 per bushel level for the first time since June on Wednesday, fueled by increased concerns about drought conditions in Russia and tightening Black Sea supplies. ...

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CBOT wheat led grains higher following another declaration of a state of emergency by Russian crop-growing regions, the latest in Oryol, a region said to be Russia's 10th largest growing region; other regions, such as Voronezh, also have declared states of emergency, all due to dire drought conditions from lack of rainfall. Australian wheat is also coping with drought issues, which supported futures throughout the day. CBOT wheat  for December delivery settled +2.4% to $6.13 1/4 per bushel, while December corn  closed +0.6% to $4.31 1/2 per bushel and November soybeans  finished -0.2% at $10.55 1/4 per bushel. 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CBOT wheat led grains higher following another declaration of a state of emergency by Russian crop-growing regions, the latest in Oryol, a region said to be Russia's 10th largest growing region; other regions, such as Voronezh, also have declared states of emergency, all due to dire drought conditions from lack of rainfall. Australian wheat is also coping with drought issues, which supported futures throughout the day. CBOT wheat (W_1:COM) for December delivery settled +2.4% to $6.13 1/4 per bushel, while December corn (C_1:COM) closed +0.6% to $4.31 1/2 per bushel and November soybeans (S_1:COM) finished -0.2% at $10.55 1/4 per bushel. ETFs: (NYSEARCA:WEAT), (NYSEARCA:CORN), (NYSEARCA:SOYB), (DBA), (MOO) Rising worries about war in the Middle East have lifted energy futures in the past two days, which also helped boost corn since it is the primary ingredient in U.S. ethanol production. Soybean traders, meanwhile, are said to be focused on rainfall in Brazilian growing areas, as dryness makes it difficult for Brazilian farmers to plant soybean crops.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2472686430"}