28-01-2014 08:43 AM | USA

Wheat rallies on concern freezing US weather may hurt crops

Wheat advanced for the first time in three days on concern that freezing weather in the U.S., the world’s largest exporter, may damage some crops.

The contract for March delivery climbed as much as 0.5 percent to $5.6625 a bushel on the Chicago Board of Trade and was at $5.655 by 10:47 a.m. in Singapore. Prices retreated 1.1 percent in the previous two trading sessions and touched $5.605 on Jan. 10, the lowest since July 2010, on the outlook for record global production.

Another subzero event is expected for the soft red winter wheat belt early this week, forecaster DTN said in a report yesterday.
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