Wheat prices climb after Russia cuts crop forecast

Wheat prices are climbing after Russia cut its forecast for this year's harvest, renewing concerns that global supplies will tighten.

Wheat settled up 2 percent Friday after a Russian official predicted 84 million to 85 million tons of wheat would be harvested this year. That compares to an earlier estimate of 85 million to 87 million tons.

The news comes after Russia's wheat harvest was damaged last year by a drought, prompting an export ban that remains in place.

Corn prices are soaring a second day as strong export sales raised expectations for improving demand.

Other commodities are mixed. Oil and other energy products are falling while metals are mostly higher.

(Source: http://www.king5.com/news/business/118259469.html)