Rainfall from Arkansas to Ohio pushed up prospects for winter crops that are presently developing. Much of the region saw roughly a half-inch of rain, which enhanced subsoil moisture in the region that endured the worst U.S. drought since the 1930s during Summer 2012. The grain is the fourth-largest crop in the U.S. as it trails corn, soybeans and hay.
“The improved moisture is expected to help out the wheat,” president Brian Hoops with Midwest Market Solutions in Springfield, Missouri, told the news source on Monday, also speaking with a measure of caution. “It’s too early to say it’s going to be a major benefit to the crop, but it’s certainly not going to hurt.”
At 2:35 p.m. on Monday, wheat futures gained 0.23 percent, a 0.0175 cent increase to $7.7825 per bushel.
Reuters reports the European Union might be poised to import more wheat from the U.S. as it capitalizes on low prices of the grain in the U.S.
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