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Forward contract prices for June 2018 wheat in Oklahoma and Texas have risen to about $5.25-$5.30/bu, up $1.44-$1.49 from mid-December 2017. An Oklahoma wheat tour forecast a 63 million bushel crop, well below USDA's seeded acreage estimate.
Smaller hard red winter crop and reduced Russian, Ukrainian and Australian expectations support higher wheat prices, which raises feed grain costs and supports substitution demand.
farmprogress.comKim AndersonMay 4, 2018After 322 past bullish weather events, KWHEAT 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 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.
