Australia was the world’s second-biggest exporter of wheat last year, behind the US Argentina ranked fifth behind Russia and Canada.

Wheat futures for December delivery climbed 2 per cent to settle at $8.9725 a bushel on the Chicago Board of Trade. The price slumped 2.9 per cent last week, partly on speculation that global demand will decline,air jordan pascher.

New York: Wheat rose for the second time in three days as unusually heavy rain threatens crops in Argentina while dry weather erodes production prospects in Australia.

Wheat is the fourth-largest US crop, valued at $14.4 billion in 2011,air jordan, behind corn,air jordan solds, soybeans and hay, government data show.

“Yields are worse than expected” in Argentina because of excessive rainfall, Jamey Kohake, a broker and branch manager at Paragon Investments in Silver Lake, Kansas, said by telephone. “The Australia weather forecast is drier than it was earlier last week.”

Storms in central Argentina followed by cold weather will slow development of wheat plants, and more cool weather is expected next week, forecaster Telvent DTN said in a report on Friday. In Australia, little rain is expected in the next seven days, and wheat “will suffer” if precipitation doesn’t start falling soon, said Joel Burgio, a meteorologist with Telvent.

Wheat rises on weather

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