US wheat futures rose on expectations of temperatures well below freezing across the US Midwest, threatening winter crops as the holidays approach.
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Wheat in the United States is facing a harsh winter as temperatures drop further
US wheat futures rose on Wednesday, amid forecasts of well-below-freezing temperatures across the US Midwest threatening winter crops as the holidays approach.
Corn and soybean prices rose slightly supported by more stable wheat and weather conditions in South America.
The most active wheat contract on the Chicago Board of Trade rose 20 and a quarter cents to $7.70 and three-quarters of a cent a bushel by 1739 GMT, after reaching $7.74 and a half, the highest level since December 2nd.
Corn prices rose 7 and a half cents to $6.59 and three-quarters of a cent a bushel, after touching $6.62 and a quarter, the highest level since December 1.
Soybeans rose one and three quarters of a cent to $14.81 and a half a bushel.
Hard red winter wheat on the plains of the United States, as well as soft red wheat east of the Mississippi River, could face a harsh winter as temperatures drop further on Friday.
Higher wheat futures supported both corn and soybeans, while recent rains in parts of Argentina boosted crop expectations, boosting US futures.
The United States is considered The fourth most important global producer of wheatafter Russia, India and China, with a production of about 50 million tons in 2021, while the countries of the European Union collectively produced about 127 million tons of wheat during the same period, but the United States ranks second after Russia in terms of wheat exporting countries, as it exports about 14.1 tons of wheat. % of world production.