The futures contracts wheat From U.S rose 3.6% to a more than three-week high on Wednesday as traders focused on dry, cold weather in key growing areas of the Midwest and southern plains.
Climate concerns have also driven the Soy it’s the corn, as investors ignored recent rains in South America.
“We are getting more rain in the Argentina today… but private forecasters are still predicting that February will be dry,” said Charlie Sernatinger, global head of grain futures at ED&F Man Capital, in a note.
Corn futures rose for the third day in a row and hit their highest since Dec. 28.
On the Chicago Stock Exchange, wheat posted the biggest gains, with the red winter soft contract for March up 27.50 cents to $7.9650 a bushel.
The contract also hit its highest since December 28.
Corn for March closed up 11 cents at $6.1050 a bushel.
Soybeans rebounded from three straight sessions of losses, with the March contract ending up 30 cents at $13.9125 a bushel.
Source From: Moneytimes
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