Wheat prices in Chicago rise amid declining harvests in Australia and Canada
CBOT wheat futures increased over May 30-June 6.
SRW wheat gained 20.6 cents over the week, settling at USc 554.6/bu.
ABARES in Australia announced an expected 10% decline in the wheat harvest, which is now estimated at 30.6 M mt. In Argentina, wheat sowing is 8% behind last year’s pace, though the situation is not critical. Another price supporting factor was news of low wheat harvest estimates and drought in Canada.
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