Wheat futures rose the most in a week on speculation that demand will increase for U.S. supplies as the dollar drops, while prospects diminish for crops in Europe. The dollar fell for a second-straight day against a basket of six currencies, boosting the appeal of U.S. grain exports. Crops in the European Union, which produces a fifth of the world’s wheat, have already been reduced by spring drought and now face harvest delays and declines in quality because of excess rains this month, according to French farm adviser Offre et Demand Agricole. “If rains would continue to persist, that would be a bad thing” for global wheat supplies, Jason Britt, the president of brokerage Central States Commodities Inc. in Kansas City, Missouri, said by telephone. “The weaker dollar is something that is obviously a net positive” for U.S. exports, he said. Wheat futures for September delivery rose 7.25 cents, or 1 percent, to $7.0075 a bushel at 10:33 a.m. on the Chicago Board of Trade. A close at that price would be the biggest gain since July 13. Wheat is the fourth-largest U.S. crop, valued at $13 billion in 2010, behind corn, soybeans and hay, government data show. To contact the reporter on this story: Whitney McFerron in Chicago at wmcferron1@bloomberg.net. To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net.

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