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Wheat Rises on Crop Demand, Drought

Dryness is hitting key growing areas, including Oklahoma, Texas and Colorado

PIXABAY.com
PIXABAY.com

Wheat edged higher on signs of fresh crop demand and as dryness grips key growing areas in the U.S.

According to a report at Yahoo Finance, Turkey is seeking wheat for later this week, and Iraq is looking for 50,000 tons.

Algeria wants to buy barley, and some European countries are after American corn to help plug a gap as the war in Ukraine stalls its supplies abroad.

Data from several U.S. wheat states showed drought taking a toll on fields as they emerge from winter dormancy, adding to bullish price signals.

Less than a quarter of Kansas winter-wheat is in good or excellent condition, and ratings are similarly poor in Oklahoma, Texas and Colorado.

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