Increased demand from two Middle Eastern nations prompted wheat futures to climb on Thursday, marking the first day in four trade sessions that the agricultural commodity has climbed, according to Bloomberg.
The acquisitions by Iraq and Algeria, which respectively amount to 350,000 tons and 500,00 tons, notate the grain's recent losses in value have attracted increased demand. Regions of the U.S. are enduring freezing temperatures, which also is doing its part to impact the price of the grain.
"Freezing temperatures across the northern U.S. Plains and the upper Midwest are raising fears of winterkill," states a Thursday note authored by commodity strategist Luke Matthews with Commonwealth Bank of Australia, according to the news source. "This may provide some support to prices."
At 9:45 a.m. on Thursday, wheat futures surged 2.18 percent, a 0.1225-cent lift to $5.735 per bushel.
Reuters reports the grain had scraped its lowest value in well more than three years during its recent downward dive. Concerns about damage to crops as imparted by the freezing cold were strong and also played a role in the price of the grain climbing, the news source reports.
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