U.S. wheat rallies to 3-month high amid crop concerns

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Investing.com - U.S. wheat futures rallied to a three-month high on Wednesday, as forecasts showing adverse weather conditions across the U.S. grain belt supported prices.

U.S. wheat rallies to 3-month high amid crop concernsU.S. wheat hits 3-month high as frigid weather threatens crops

On the Chicago Mercantile Exchange, US wheat for March delivery hit a session high of $5.6538 a bushel, a level not seen since August 29.

Prices last traded at $5.6463 a bushel during U.S. morning hours, up 6.22 cents, or 1.11%.

A day earlier, prices of the grain rallied 8.2 cents, or 1.5%, to settle at $5.5760, amid speculation frigid weather in the U.S. Midwest will damage the winter-wheat crop.

According to the U.S. Department of Agriculture, nearly 58% of the U.S. winter-wheat crop was rated in "good" to "excellent" condition as of November 23, down from 60% from the previous week and compared to the five-year average of 64%.

Meanwhile, US corn for March delivery traded at $3.9038 a bushel, up 2.98 cents, or 0.77%. Prices hit a daily peak of $3.9088 earlier, the most since July 10.

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