Inclement weather helped push up wheat futures on Monday, a rare gain for the grain during the past 21 days of performances that largely resulted in losses, according to Bloomberg.
Freezing temperatures in regions of Russia likely damaged the grain and the southern regional Volga and Southern District and the east Ukraine had minimal cover by snow, according to World Ag Weather, which issued its report late last week. The city of Samara in the Volga region endured overnight temperatures of -14.4 Fahrenheit from Sunday to Monday.
"In Russia, the extremely cold temperatures could have caused some frost damage in the regions with a lack of snow cover, such as those in the south of the country," states a market comment issued by farm adviser Agritel of Paris, according to Bloomberg.
At 8:57 a.m. on Monday, wheat futures climbed 0.16 percent, a 0.0125 cent increase to $7.9325 per bushel.
Reuters reports trade on Monday was thin as worldwide markets prepared for Christmas. Another factor impacting the price of wheat futures is the end-of-year sell off.
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