DENVER—Wheat prices rose on Tuesday to $4.7725 a bushel in the wake of increased global demand, with Iraq placing an order for 18.3 million bushels, some of which will come from the United States.
Wheat prices have been down in recent months due to ample global supply in the wake of moderate weather. The bulk of the crops grown this year, including over the winter, are in good shape.
However, this spike in demand has led analysts to suggest that perhaps the global market can handle the abundant supply of wheat.
In other agricultural commodity news, prices for soybeans and corn likewise have risen of late, to $9.445 and $3.4650 a bushel, respectively.
