Wheat prices advanced Monday as questions mounted about whether Russian farmers will be able to plant a normal crop this fall. A devastating drought destroyed about a third of Russia's spring wheat crop, prompting the country to ban exports, according to AP. Although temperatures have fallen recently, the region still needs significant rainfall to help farmers. Wheat for December delivery rose 13.25 cents to $7.2525 a bushel. «We're not running out of wheat worldwide. It's just where is the wheat located and where does it need to go as far as the largest buyers are concerned,» Telvent DTN analyst Darin Newsom said. «I think this is going to bring more demand to the United States from places that we haven't sold a great deal of wheat to here over the last few years,» he added. December corn lost 3.5 cents to settle at $4.3275 a bushel while November soybeans gained 1.5 cents to $10.055 a bushel.
