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US Weather & Ukraine Help Wheat to Rally

April 17, 2014 at 19:10 by Vladimir Vyun

Wheat rose today on concerns about adverse weather in the United States. The situation in Ukraine also helped the prices to rally.

Forecasters predict that US wheat-growing regions will experience high temperatures next week. More than 70 percent of Kansas (the biggest growing region for winter wheat) was suffering from drought. It is twice as big area as at the beginning of the year.

Tensions between Russia and Ukraine are growing. Diplomats from the countries were speaking with officials from the United States and the European Union today in an effort to avoid a full-scale war. Russia is the fifth biggest exporter of wheat this year, while Ukraine is the sixth.

July futures for delivery of wheat advanced $0.0375 (0.54 percent) to $6.9900 per bushel as of 19:09 GMT on CBoT today.

If you have any questions and comments on the commodities today, use the form below to reply.

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