Wheat futures on the Chicago Stock Exchange soared Wednesday on reports that India, a major world producer, would restrict exports as a drought threatens its output, even as the nation hopes to fill a global export gap created by the war in Ukraine.
Soybean futures also rose, while corn traded almost unchanged as farmers watched forecasts hoping for dry weather to boost planting progress.
The most active wheat contract on the Chicago Board of Trade (CBOT) rose 30.25 cents to $10.7575 a bushel, its biggest daily gain since April 11.
The CBOT’s most active soybean contract gained 10 cents at $16.4050 a bushel, while the most active corn contract added 0.25 cents to $7.9375 a bushel.
Corn continued to be pressured by forecasts of warmer and drier weather in the eastern producing region of the country, which could boost planting progress.