“Very poor winter wheat-condition ratings and a late emergence from dormancy have seen many make substantial cuts” to estimates, Chris Gadd, an analyst at Macquarie Group Ltd., said.
Wheat futures rose 3.5% Monday and soybean futures were 2.0% higher. The Teucrium Wheat Fund (NYSEArca: WEAT) was up 4.2% and Teucrium Soybean Fund (NYSEArca: SOYB) gained 1.1%.
The broad PowerShares DB Agriculture Fund (NYSEArca: DBA), which includes a basket of agriculture futures, also gained 1.4% Monday.
Teucrium Corn Fund
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Max Chen contributed to this article.