Inclement weather impacting Argentina on Friday has thrown wheat futures into flux, according to Bloomberg.
The government of the nation that grows the largest crop of the grain in South America is inflating projections of the harvest as a method of containing boosts in prices. The administration's forecast for the November crop is 7.1 percent bigger than that of the Buenos Aires Grain Exchange, representing the biggest difference in about five years.
"The Buenos Aires Grain Exchange does a phenomenal job because they put out something weekly and it's a fantastic report," president Mike Zuzolo with Global Commodity Analytics in Indiana told the news source earlier this week. "The government says production is higher because they want to keep prices down so they don't have to worry about inflation."
At 8:49 a.m. on Friday, wheat futures increased 0.57 percent, a 0.0450 cent gain to $7.95 per bushel.
Reuters reports many fields in the South American nation are waterlogged and questions are growing about whether those fields will take in ample amounts of sun.
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