Wheat Rises for Second Day as US Crop Conditions Decline
Wheat futures rose for the second consecutive day, gaining up to 1.5% in Chicago, driven by worsening crop conditions in the U.S. and firming domestic prices in Russia. The rise follows a 2% increase on Tuesday, reflecting stronger demand despite Russian farmers’ reluctance to sell, according to StoneX economist Arlan Suderman.
Wheat extended gains for a second day amid steadying prices in Russia and worsening crop conditions in the US.
Futures rose as much as 1.5% in Chicago after climbing 2% on Tuesday following reports that corn, soybean and spring wheat ratings deteriorated in the US last week. At the same time, domestic wheat prices in Russia have started to firm, indicating stronger demand even if local farmers aren’t yet ready to sell, said StoneX chief commodities economist Arlan Suderman.
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Source Link : https://www.bloomberg.com/news/articles/2024-08-28/wheat-holds-bulk-of-gain-amid-bargain-buying-weather-concerns
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