Wheat: Biggest Price Rise in 6-1/2 Weeks on Dry Weather Threat

May 17th, 2012

DISCLOSURE: I’m long PowerShares DB Agriculture (DBA).

Via: Reuters:

U.S. wheat futures climbed on Thursday, extending gains from the previous session when the grain posted its biggest daily price rise in 6-1/2 weeks, on concerns about dry conditions damaging the winter wheat crop.

Chicago Board Of Trade July wheat futures rose 0.74 percent to their highest level since May 1 after soaring 5 percent on Wednesday, as weather concerns rattled the market.

CBOT July soybean futures rose 0.56 percent, having climbed 0.6 percent in the previous session, while CBOT corn futures opened flat after rising 3.8 percent on Wednesday.

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