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Hot, dry weather in the northern US and Canadian Prairies has widened the premium of Minneapolis spring wheat over Kansas City hard red winter wheat to nearly $2 a bushel, the largest since 2017. Forecasts show no significant rain, and spring wheat is trading near $8 a bushel.
Expected loss of spring wheat yield and protein supports the premium, tightening high-protein milling supplies and lifting spring wheat prices relative to winter classes.
agcanada.comAGCanadaJun 23, 2021After 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.
After 70 past bearish weather events, Wheat (HRW) moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% 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.
