Drought conditions were harmful to winter grain while rain delayed planting in the U.S., which is the globe's biggest shipper of the grain. More than 30 percent of the U.S.' winter wheat crop was assessed to be in either good or excellent condition as of this past Sunday, representing a reduction from the 53 percent figure one year prior, according to a report issued by the U.S. Department of Agriculture.
"The wheat-crop ratings are terrible," president Joseph Vaclavik with Standard Grain Inc. in Chicago told the news source on Tuesday. "Traders are looking for smaller U.S. supplies, and that is helping to give the market a boost."
At 11:28 a.m. on Tuesday, wheat futures rose 1.12 percent, a 0.0775-cent gain to $6.975 per bushel.
Reuters reports European wheat futures plunged to their lowest value in nearly 12 months on Tuesday, tugged down by concerns about a strong global supply of the grain.
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