Oct. 10 (Bloomberg) -- Wheat prices had the biggest two-day gain in 18 years on concern drought will further cut supply from producers in Australia, the third-largest exporter of the grain.
Prices soared by their daily limit for a second day to 10- year high in Chicago as dry weather reduced harvests in the U.S., India and Europe. There's concern Australia's output may decline below the all-time low of 9.6 million tons in 2002, according to AgRisk Management Pty., a Sydney-based forecaster.
``The drought situation in Australia is getting worse and worse, so it's quite possible we'll get a record low crop this year,'' Brett Stevenson, managing director at AgRisk said today.
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