Wheat futures advanced on Thursday as indications noted production in Ukraine and Russia will not be as high as projected due to heavy rain keeping farmers from sowing the seeds of winter crops, according to Bloomberg.
Significant rainfall is forecast through Friday for Eastern Ukraine, the Volga Valley of Russia and the Caucasus region, according to AccuWeather. Winter wheat planting in Ukraine could be 30 percent lower than the target set by the nation following a record amount of rainfall in September.
"Wheat continues to be the leader," economist Dennis Gartman stated in the daily Gartman Letter on Thursday, according to Bloomberg. Analysts and traders are "paying attention to the fact that Ukraine's winter wheat crop will be curtailed rather sharply because of undue amounts of rain that have made planting of that crop all but impossible."
At 9:46 a.m. on Thursday, wheat futures rose 0.95 percent, a 0.065-cent climb to $6.925 per bushel.
Reuters reports the grain was driving toward its top value in about 90 days on Thursday, also spurred higher by climbing export demand.
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