This year's wheat harvest is forecast to be the globe's second-largest ever in the aftermath of trying times last year caused by inclement weather, according to Bloomberg.
Production this year will be well more than 4 percent higher to generate 690 million metric tons of the grain this year, according to the United Nations. That represents a shortfall of roughly 10 million tons as compared to the production of 2011. Two issues that plagued farmers throughout the globe last year were drought and heat waves.
"The supply situation was compromised through some very adverse weather events in the Northern Hemisphere," chief executive officer Steve Mellington with the Australian Grain Growers Cooperative told the news source. "Growers are now responding to those price signals with the increased area being planted this year."
At 1:48 p.m. on Tuesday, wheat futures rose 0.98 percent, a 0.065-cent lift to $7.20 per bushel.
Reuters reports wheat futures pushed to their top value in 14 days on Tuesday as prospects rose for the likelihood of shipments of the grain from European nations.
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