Wheat rebounded from the largest decline in almost a month as adverse global weather from the U.S. to Ukraine threatened global crops, putting the grain on course for the biggest monthly advance since July 2012.
Wheat declined after surging the most in 10 months yesterday as investors weighed record global supplies against concerns that freezing weather in the U.S. probably damaged crops in the world’s biggest exporter.
Corn headed for the first weekly drop in four weeks in Chicago on speculation that rainfall in China will support yields, potentially reducing imports by the world’s second-largest consumer of the grain.
Russia, once the second-biggest wheat exporter, will let a grain-shipment ban expire on July 1, a move that may fail to ease a global shortage caused by drought and flood damage to European and U.S. crops.
Wheat futures gained on speculation importers may take advantage of a two-day slump to meet domestic shortages, after prices plunged on concern protests in Egypt may cause imports to slow. Corn and soybeans also advanced.