Wheat prices neared a six-month high Thursday as poor weather conditions continue to impact crops in Russia, Kazakhstan and Canada.
Wheat for September delivery rose 9.75 cents to $5.59 a bushel Thursday after rising to $5.64 a bushel earlier in the day. The price is about $1 a bushel more than it was June 29 and at the highest level since $5.7050 a bushel on Jan. 12.
The rally has been triggered by lower expectations in key wheat regions while the U.S. crop is forecast in good-to-excellent condition.
A severe drought is expected to cut Russia's wheat production by at least 14 percent from last year's harvest and Kazakhstan's production by about 18 percent, according to the U.S. Agriculture Department. Rain has hurt the growing season in Canada, where the wheat forecast is about 19 percent less than a year ago, the U.S. agency said.
Corn for September delivery rose 9 cents to $3.8425 a bushel. August soybeans gained 2.5 cents to $9.9750 a bushel.
Benchmark crude for August delivery fell 14 cents to $77.45 a barrel; heating oil fell 1.13 cents to $2.0361 a gallon; gasoline lost 1.56 cents to $2.0665 a gallon; natural gas fell 4.8 cents to $4.306 per 1,000 cubic feet.
Gold for August delivery lost $6.50 to settle at $1,207 an ounce. In September contracts, copper fell .09 cent to $3.0085 a pound; palladium lost $3.35 to $465.80 an ounce; silver rose 3.3 cents to $18.290 an ounce. October platinum fell $14.80 to $1,520.60 an ounce.
