Grain favoured for bagels and pizza crust has been hit by High Plains weather
Here's this week's U.S. Drought Monitor via the University of Nebraska-Lincoln:
The price of a wheat prized for baking bread has soared on the back of a worsening drought in the US High Plains, attracting record trading volumes and hedge fund activity in an otherwise sleepy corner of the commodities markets.
Hard red spring wheat — the “aristocrat of wheat”, according to US Wheat Associates, an export promotion body — hit a three-year high on the Minneapolis Grain Exchange after gaining 32 per cent in the month of June.
The grain variety is grown during the summer in only a handful of places, notably South Dakota and North Dakota. Data released Thursday by the US Drought Monitor show more than 90 per cent of the two states was in drought, with “severe” or “extreme” conditions in dozens of counties.
“Basically, the crop is burning up,” said Joe Lardy, research manager at CHS Hedging, a commodities broker....MUCH MORE
June 30
Ag Futures: Ahead of Big Data Day Some Exuberance in Grains
June 15
Ag Futures: "Spring wheat is losing its grip"
June 13
"'Abysmal' US crop rating sends spring wheat futures to two-year top"
June 13
Ag Futures: "Spring wheat futures soar anew, as US crop rating tumbles"
June 8
Ag Futures: "Talk of 'Blast Furnace Winds' Fuels Grain Gains"
June 7
Ag Commodities: Ahead of this Week's Reports "Grains Tick Higher, But 'Explosion' Not Seen Yet
June 6
Ag Commodities: Weather Taking a Toll on Spring Wheat Sayeth Yesterday's Crop Progress Reports
June 5
Ag Futures: 'When Should We Start Paying Attention to Crop Condition Ratings for Corn and Soybeans?'
