Wheat futures rose for the first time in three days as grain inventories declined in Russia, the world’s third-biggest exporter.
Russia’s Federal State Statistical Service said yesterday that grain stockpiles as of Sept. 1 dropped 21 percent from a year earlier. The U.S. Department of Agriculture has forecast that Russia’s output will slump 31 percent following dry weather.
Importers “will have to look elsewhere for grain,” Jon Marcus, the president of Lakefront Futures & Options, LLC in Chicago, said by telephone. “As a whole, that’s bullish for the wheat market.”
Wheat futures for December delivery rose 2.1 percent to $8.815 a bushel at 2 p.m. on the Chicago Board of Trade. In the previous two days, the price plunged 6.6 percent, the most since July 24.
Russia may discuss a duty on shipments that would take effect at a predetermined price level starting next year, the country’s grain union said yesterday. The nation imposed a 10- month ban on exports in 2010 after the worst drought in more than 50 years seared fields.
In the 12 months that ended May 31, the U.S. was the top exporter, followed by Australia.
Wheat is the fourth-largest U.S. crop, valued at $14.4 billion in 2011, behind corn, soybeans and hay, government data show.
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