US WHEAT rallied yesterday on speculation that livestock feeders will increase use of the grain because it is the cheapest relative to maize since 1984.
Maize gained on Wednesday while wheat fell as wet weather in the US raised concerns that planting in the largest maize supplier would shrink.
Wheat futures for July delivery gained 1.2 percent to $7.6825 a bushel (R1 917.81 a ton) at 10.20am London time on the Chicago Board of Trade.
July maize was unchanged at $7.585 a bushel (R2 028.70 a ton) after rising 1.5 percent on Wednesday, narrowing its premium to wheat. – Bloomberg