May 10, 2018

Kansas Wheat Withers, Price Explodes

Drought fears boost prices up nearly 25%

堪萨斯,one wheat growing state, is likely facing the smallest harvest in almost 30 years says a report atArgus Leader. According to the Wheat Quality Council’s annual crop tour, ongoing drought across the U.S. Southern Plains is likely to knock crop yields to 37 bushels per acre (bpa), sharply below last year’s 48 bpa yield.

Other nearby states are suffering from similar dry conditions, and upcoming forecasts show little rain for the next week.

Drought fears boosted the price of Kansas City wheat to a 10-month high last Thursday, with July KC futures trading for $5.68 per bushel. Prices have rallied nearly 25% this year.

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Magazine

Marketwatch: Jul, 07

US Corn Price Idx:ZCPAUS.CM

open: 6.7834
high: 6.8896
low: 6.7007
close: 6.8848

US Soybean Price Idx:ZSPAUS.CM

open: 14.7527
high: 14.8933
low: 14.5314
close: 14.78

US Hard Red Winter Wheat Price Idx:KEPAUS.CM

open: 8.2561
high: 8.3611
low: 7.8217
close: 8.0168

US Soft Red Winter Wheat Price Idx:ZWPAUS.CM

open: 7.5795
high: 7.7182
low: 7.2058
close: 7.4128