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US winter wheat development is well behind last year, with 13% headed versus 30% a year earlier, and Kansas, Oklahoma and Texas have no or lagging headed crop. These three states account for just over half of US winter wheat plantings.
Dry conditions in central Europe and the Balkans and a late Russian spring also support prices.
Slow US crop development raises yield risk for the largest winter wheat states, supporting HRW and global wheat prices. Tighter wheat supply lifts feed-grain alternatives and improves the cost outlook for feed buyers.
farming.co.ukApr 27, 2018After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Winter wheat development lagging well behind last year in key HRW states, plus dry conditions in Europe and a late Russian spring, point to tighter supply and underpin the price rally.
