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The National Integrated Drought Information System reported widespread moderate to extreme drought across the Northern Great Plains as of May 7. North Dakota had extreme drought (D3) across 85% of the state, and some farmers were unable to plant spring wheat.
Forecasts showed little relief this summer.
Lost spring wheat acreage and poor pasture conditions tighten Plains supplies and may push some ranchers to cull herds, supporting wheat prices and feed-hay costs.
drought.govMay 10, 2021After 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.
