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U.S. wheat soared on Monday, extending its gains to the third straight trading session. Wheat futures prices hit an eleven-day high amid expectations over continued dry weather and reduced plantings.
According to an agribusiness economist at National Australia Bank, U.S. farmers will plant less wheat. Private analytics firm Informa Economics last week lowered its forecast of U.S. winter plantings for harvest in 2017 to 33.761 million acres from 35.421 million.
Meanwhile, as indcated by the latest weekly US Drought Monitor report, drought expanded last week in much of the US Southeast and Plains states including Oklahoma, Kansas and Colorado. The US Climate Prediction Center forecast drought persisting in those regions through February.
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