(Bloomberg) -- Wheat futures in Chicago rose for a second day to a six-month high after farmers said they planned to cut plantings by 10 percent in Canada, the second-largest exporter of the grain, to switch to more profitable crops.
Canada, which grows mostly spring wheat, will sow 23.8 million acres this year, down from 26.4 million in 2006, Statistics Canada said April 24 in a survey of farmers. The decline will further erode global inventories, which the U.S. government estimated this month will drop to 121.2 million metric tons by May 31, the lowest since 1982.
Read more at Bloomberg Commodities News
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