Wheat price increases on worsening crop conditions

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Associated Press

Posted on April 30, 2013 at 1:00 PM

Updated Tuesday, Apr 30 at 1:02 PM

Wheat prices are rising after crop conditions deteriorated as unseasonably cold weather in April began to take its toll.

July wheat rose 14.5 cents, or 2 percent, to $7.31 a bushel. The grain has advanced 6.3 percent this month.

The United States Department of Agriculture's Crop Progress report, published late Monday, showed conditions deteriorated in Kansas, Oklahoma and Texas following freezing temperatures in April.

Wheat is rebounding after dropping to the lowest in more than eight months April 1. Winter snowstorms earlier in the year brought moisture to the Plains and improved the outlook for this year's crop. Expectations of bumper crops from big wheat exporters like India and Australia also weighed on prices.

Corn and soybean futures fell.

Metals were little changed.

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