• Print
• E-Mail

Wheat gained on Wednesday amid speculation that demand for the grain was increasing as global inventories decline.

Wheat futures for May delivery increased by 6 percent, or 73.25 cents, to $12.9625 a bushel on the Chicago Board of Trade.

Wheat increased as high as $13.495 on Feb. 27, after global demand increased and adverse weather reduced worldwide production.

The U.S. Department of Agriculture (USDA) said that Turkey expressed its intentions to buy 500,000 metric tons of wheat on March 18, including 250,000 tons from the U.S. stockpiles in the U.S. by May 31.

The USDA forecasted U.S. inventories to fall to 242 million bushels from 426 million last year.

Wheat global inventories were forecasted to drop by 12 percent, by May 31, to 110.4 million metric tons.

According to the National Weather service data; there were no rains last week in most parts of Kansas and Oklahoma, which may hurt yields for plants emerging from winter dormancy