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Wheat prices climb as heat takes toll on crops

Wheat prices climb as heat takes toll on crops

Wheat prices are closing higher as the hot, dry summer continued to take its toll on crops in the U.S. and Russia.
Wheat rose 42.5 cents to settle at $7.5125 per bushel Wednesday, the highest closing price since September. Corn also posted gains.
Global supplies of wheat remain plentiful but traders are concerned that the heat wave may cause the quality of the crops to deteriorate in the Midwest and parts of Russia and Kazakhstan.
The sizzling summer also has pushed up prices for corn. Crops in the Midwest could be damaged by the heat and lack of rainfall because they are pollinating.
Energy and metals prices were mixed as traders weighed positive news about U.S. manufacturing and home sales against concerns about Europe's debt crisis.


Updated : 2020-12-02 17:25 GMT+08:00