Dry weather, Ukraine send wheat prices higher
Grain prices are moving higher as dry weather scorches the southwestern Plains states in the U.S. and as the conflict in Ukraine escalates.
Wheat for July delivery rose 13 cents to $7.29 a bushel Monday, the highest price in a year.
Wheat has been rising sharply since the beginning of 2014. It has increased 31 percent since hitting a recent low of $5.51 a bushel on Jan. 29.
Corn prices also rose. The July contract increased 9 cents to $5.08 a bushel.
Todd Hultman, a grain analyst with DTN, said the drought in the southwestern Plains states was driving up wheat prices.
A flare-up of tensions in Odessa over the weekend also threatened to jeopardize Ukraine's sizable corn and wheat exports.
Energy futures mostly fell. Metals mostly rose.