Wheat futures were higher in overnight trading amid signs of strong demand for U.S. agricultural products.
U.S. exporters have shipped 10.8 million metric tons of wheat since the start of the grain’s marketing year on June 1, according to data from the Department of Agriculture.
That’s up 33% from the same timeframe a year earlier, the government said.
Corn exports are up 31% year over year and soybean shipments have climbed 19% from the same period a year ago, USDA data shows.
The agency last week reported sales of 270,000 metric tons of soybeans to China and 30,000 tons of soybean oil to South Korea.
Also giving prices a boost is concerning crop weather in Australia.
Excessive rain is falling in some areas where the wheat harvest is underway, potentially reducing the size or quality of the country’s crop.
Australian wheat output was forecast last month by USDA at 32 …