Wheat futures in Chicago climbed to a record, heading for the biggest monthly gain in 34 years, as demand from importers including South Korea and India reduced global inventories.
Prices for the grain have doubled in the past year as adverse weather in Ukraine, Canada, Europe and Australia damaged crops. Global stockpiles will fall to the lowest in 26 years by May 31, according to the U.S. Department of Agriculture.
Buyers in Egypt, the world’s biggest importer after Brazil, and Taiwan have also sought the grain, used for animal feed and in foods such as bread, biscuits and noodles.
Wheat for December delivery rose as much as 23.25 cents, or 3 percent, to $8.0775 a bushel in electronic trading on the Chicago Board of Trade. It was at $8.0525 as of 7:10 a.m. local time. The commodity has gained 28 percent this month, the most since August 1973.
Wheat for November delivery on the Euronext.liffe exchange gained as much as 17.25 euros, or 6.8 percent, to 272 euros ($371.69) a ton in Paris, a record.
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