By Tony C. Dreibus June 14 (Bloomberg) -- Wheat rose to a two-week high as wet weather slowed the harvest of winter varieties in the U.S. Soybeans rose as rain may prevent seeding in some areas. As much as six times the normal precipitation fell last week in parts of Kansas, the biggest U.S. winter-wheat producer, where the harvest is under way, and in Iowa and Illinois, the largest soybean producers, where crops are being planted, National Weather Service data show. Heavy rain also has prevented wheat seeding in Canada, according to the Canadian Wheat Board. “This wet weather is supporting the market a little bit,” said Darrell Holaday, the president of Advanced Market Concepts in Manhattan, Kansas. “The last 7 or 8 percent of soybeans may be getting in later than we’d like. There are some concerns out of Canada -- it’s been so wet. The wheat market needs these supply jolts to move it up.” Wheat futures for July delivery rose 11 cents, or 2.4 percent, to $4.68 a bushel at 10:08 a.m. on the Chicago Board of Trade, after touching $4.685, the highest price for the most- active contract since May 28. The grain gained 4.9 percent last week, partly because wet weather delayed harvesting in parts of Kansas, Oklahoma and Texas, the biggest producers of winter varieties. Soybean futures for November delivery rose 7.75 cents, or 0.8 percent, to $9.1675a bushel in Chicago. The price has fallen 12 percent this year. To contact the reporter on this story: Tony Dreibus in Chicago at tdreibus@bloomberg.net.

Source