googlefreespincoinmaster| Russia's weather concerns intensify, with Chicago wheat leading the rise in grains

Huitong. com, May 22-Due to the worsening harvest prospects for Russia, the largest wheat exporter,googlefreespincoinmasterConcerns intensified, and Chicago wheat futures prices rose for the third consecutive trading day on Wednesday, setting a 10-month high. Corn and soybean futures rose, supported by wheat, although gains were curbed by advancing U.S. acreage and increased global supplies.

Wheat futures prices in Chicago rose for the third consecutive day on Wednesday to a 10-month high, amid heightened concerns about a deteriorating harvest prospects in Russia, the largest wheat exporter.

Analysts said severe weather in other major wheat-producing countries such as Ukraine and Australia also kept concerns about supply risks.

Corn and soybean futures rose, supported by wheat, although gains were curbed by advancing U.S. acreage and increased global supplies.

As of 18 Beijing timegooglefreespincoinmaster:57, the main wheat contract on the Chicago Board of Trade (CBOT) rose 0googlefreespincoinmaster.97%, to $7.04 per bushel. Earlier, the contract reached $7.1675, the highest level since July 28 last year.

On Euronext, the most active contract for September wheat rose to 264.50 euros (US$286.61) per metric ton, the highest level since February last year, as opening chart gaps added technical momentum.

Argus Media analyst Maxence Devillers said of wheatgooglefreespincoinmaster:"We are in a market where the weather is very tight. Everyone has good reason to be concerned about Russia, but there are risks around the world."

News that consulting firm IKAR has lowered its forecast for Russian wheat production from 86 million tons to 83.5 million tons, the third time this month has lowered its forecast, exacerbating concerns about the impact of this week's frost and drought. Weather maps continue to show that Russia's arid winter wheat belt will see little rain in the next few days.

In Ukraine, crops have also suffered from drought and frost. A national weather forecaster said the frost had not caused serious damage to crops, but traders remained vigilant after consulting firm APK-Notify warned of lost production on Monday.

Elsewhere, lack of rainfall has raised concerns about the planting season in parts of Australia, while floods in Brazil's southernmost tip could hinder upcoming planting.

Winter wheat in the United States has been in better shape this year, but the unexpected decline in the weekly winter wheat crop condition rating has raised some doubts.

CBOT soybeans rose 0.04% to $12.3625 a bushel, and corn rose 0.22% to $4.49 a bushel.