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Russia Cuts Crop Outlook

Chicago wheat rose for a third consecutive session on Thursday

Cereals wheat

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.

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