Wheat rises in Chicago on concern about Canada, Oklahoma crops
Thursday, 17 June 2010
PARIS, June 16 (Bloomberg): Wheat climbed in Chicago and Paris on concern excessive rain will reduce planting in Canada, the world's second-largest exporter of the grain, and damaged crops in Oklahoma.
Wheat for September delivery rose as much as 0.6 per cent to $4.7025 a bushel on the Chicago Board of Trade and was at $4.70 a bushel at 11:46 am Paris time. The price touched $4.7175 Tuesday, the highest level since May 28.
Farmers in western Canada are forecast to sow the fewest acres of spring wheat since 1971 because of low prices and excess rain, the Canadian Wheat Board said June 11. Oklahoma's winter-wheat crop, the US's second-largest after Kansas, was damaged by heavy rain, the Oklahoma Wheat Commission said.
"Further rain is expected in the saturated Canadian prairies, which will limit spring-wheat production, and the winter-wheat harvest in the US southern plains will slow because of rain," Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, wrote in a daily note Wednesday.
Wheat for September delivery rose as much as 0.6 per cent to $4.7025 a bushel on the Chicago Board of Trade and was at $4.70 a bushel at 11:46 am Paris time. The price touched $4.7175 Tuesday, the highest level since May 28.
Farmers in western Canada are forecast to sow the fewest acres of spring wheat since 1971 because of low prices and excess rain, the Canadian Wheat Board said June 11. Oklahoma's winter-wheat crop, the US's second-largest after Kansas, was damaged by heavy rain, the Oklahoma Wheat Commission said.
"Further rain is expected in the saturated Canadian prairies, which will limit spring-wheat production, and the winter-wheat harvest in the US southern plains will slow because of rain," Luke Mathews, a commodity strategist at Commonwealth Bank of Australia, wrote in a daily note Wednesday.