Wheat Futures Advance as Drought Slows Russia’s Grain Plantings

Wheat Futures Advance as Drought Slows Russia’s Grain Plantings Wheat advanced for the first time in three sessions as grain plantings in Russia, the world’s third-largest wheat grower last season, lagged behind last however year’s pace and recent declines lured buyers.

December-delivery wheat rallied as much 1.5 percent to $7.3775 a bushel on the Chicago Board of Trade, after slumping 2.5 percent in the past two days. The contract was at $7.3125 a bushel at 2:13 p.m. Singapore time.

Farmers in Russia have planted 5.8 million hectares (14.3 million acres) of grains so far this season, compared with 10.8 million hectares he same period last year, the country’s Agriculture Ministry said yesterday.

“The Russian planting pace is slower than the market hoped,” Michael Pitts, a commodity sales director at National Australia Bank Ltd., said by phone from Sydney. “That’s providing some underlying support.”

The Russian wheat harvest was at 34.3 million tons from July 1 through Sept. 16, the ministry said, compared with the 48 million tons reported by the government in the same period last year. Yesterday’s harvest estimate by however the ministry didn’t provide a comparison with the previous year.