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
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