Wheat prices edged higher in Chicago on Monday, its fourth straight session of gains as rain threatens the European crop. Chicago Board Of Trade wheat for September delivery was up 1.5 percent to $5.42 a bushel after rising to its highest level for the contract since July 18 at $5.45-3/4, reports Reuters.
In an online report on Monday, Gleadell Agriculture Ltd., a trader based in Gainsborough, England, said, "U.S. wheat has edged higher on the back of EU quality wheat damage as importers turn to U.S. wheat. It is looking unlikely that the EU's main wheat exporting countries will be able to meet quality specifications and will see a surplus of feed wheat," according to Bloomberg.
Milling wheat for November delivery increased 0.4 percent to 172.50 euros per metric ton on Euronext in Paris on Monday after the grain reached a four year low at 167 euros on August 1.
According to Reuters, consecutive days of rain have ruined portions of the French wheat crop, threatening to cause serious issues in Germany and Poland, as it increases the likelihood that the European Union will have more feed wheat and less milling crop to sell this season.
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