Wheat Surges to a Record in China on Drought, Rising Imports
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Wheat advanced in Chicago and traded at a record in Zhengzhou, China, as demand increased and on speculation a drought in the Asian nation, the biggest grower, may damage plants.
Snowfalls in China’s major wheat-growing regions failed to ease a drought and the dry spell is likely to affect crops, Chen Lei, deputy director at the State Flood Control and Drought Relief Headquarters, said Feb. 12. Egypt, the biggest importer, and Bangladesh announced tenders last week, and hedge funds increased their bullish bets on wheat to the highest in more than three years.