Winter wheat prices rise as conditions deteriorate

Print
Email
|

Associated Press

Posted on November 27, 2012 at 4:00 PM

Updated Tuesday, Nov 27 at 4:01 PM

The price of wheat is up nearly 3 percent after a lack of rain has left much of the winter crop in the worst condition in 26 years.

Wheat for December delivery rose 24 cents Tuesday to finish at $8.73 per bushel.

The government says 26 percent of the crop was in poor to very poor condition and 33 percent was in fair to excellent condition as of Sunday. The agency says it's the worst conditions since 1986.

It's still early in the season but analysts say long-range forecasts are calling for a dry winter, which could hurt winter wheat production next summer.

In other trading, prices are higher for corn, soybeans and wholesale gasoline. Gold, silver and oil are lower.

Print
Email
|