Russia Cuts Crop Outlook
Chicago wheat rose for a third consecutive session on Thursday
Chicago wheat rose for a third consecutive session on Thursday to its highest in more than a week, as concerns over downgrades in the outlook for Russian grain crops pushed prices higher.
Reuters reports that Russia and Ukraine -- major exporters of wheat from the Black Sea region -- were hit by dry weather in April, though May rain fixed most of the damage for the upcoming crop.
A decline in the U.S. winter wheat crop ratings last week and lower-than-expected crop outlook during a Kansas wheat tour this week also buoyed the market.