CHICAGO: US wheat futures on the Chicago Board of Trade rose sharply for a second consecutive session on Thursday, as global supplies tightened and adverse weather had forecasters slashing production in key exporting countries, including France and Germany.

Prices were further supported by a weaker dollar, which makes US shipments more attractive to buyers holding other currencies.

CBOT September soft red winter wheat settled up 14-1/2 cents at $5.05-1/2 per bushel but stayed inside the previous day’s trading range.

The European Union may harvest almost 6 million tonnes less wheat this year after crops in the north of the bloc suffered from a hot, dry spring as well as late signs of crop damage in top EU producer France, a Reuters poll showed.

The bloc’s soft wheat exports are down about 16 percent from a year ago, according to official export/import data, as prices tighten up to keep more supplies at home.

The declining EU and Russian corn production were also supportive for wheat and corn futures on Thursday, one trader said.

K.C. September hard red winter wheat ended up 19-1/4 cents at $5.03-1/4 a bushel.

MGEX September spring wheat jumped 12-1/4 cents, closing at $5.47-1/2 a bushel.—Reuters