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The most active wheat futures on the Chicago Board of Trade gained 2-3/4 cents to $7.00-1/2 per bushel, after reaching their highest level since May 18 at $7.18.
CBOT corn added 13-1/2 cents to $5.65-3/4 per bushel, while soybeans gained 15-3/4 cents to $13.88-1/2.
The U.S. Department of Agriculture (USDA), in a report released after Monday’s market close, rated 11% of U.S. spring wheat as good or excellent, down from 16% a week earlier and below analysts’ average estimate of 15%.
“That crop’s just being torn apart,” said John Zanker, market analyst at Risk Management Commodities.
The USDA last week projected that U.S. spring wheat production would shrink to a 33-year low.
Wheat at two-month peak on U S weather worries
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