Tuesday, June 13, 2017

"'Abysmal' US crop rating sends spring wheat futures to two-year top"

From Agrimoney:

Spring wheat futures jumped 5%, as fears for a return of dry weather to the main US growing area compounded worries prompted by an "abysmal" official rating of the crop, and raised the spectre of the drought year of 2012.
Minneapolis spring wheat futures for July touched $6.33 ¼ a bushel at one point, the highest for a spot contract since the first week of 2015, before easing back to close at $6.28 a bushel in late deals, a gain of 4.6% on the day.
The jump reflected US Department of Agriculture data overnight which rated at 45% the proportion of the US spring wheat crop in "good" or "excellent" condition – a 10-point decline, far more than the 8 point drop that investors had expected.
"Abysmal spring wheat crop conditions in yesterday's crop progress report are supporting the market," CHS Hedging said....

Meanwhile, in Chicago:

Last Chg
Corn 381-0s+3-6
Soybeans 932-4s+1-2
Wheat 445-0s+11-0