Loading…
Rain in the U.S. Northern Plains this week was bookended by hot, windy conditions and did little to ease drought. USDA reported 45% of spring wheat in good to excellent condition on June 13, the lowest for that week on record.
The nearby MGEX HRS wheat futures contract had rallied 8% in two weeks to $6.28 per bushel.
Deteriorating spring wheat conditions tighten supply of high-protein wheat, which lifts HRS futures and widens protein premiums over HRW. Buyers should expect firm wheat prices while drought persists.
uswheat.orgJun 15, 2017After 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 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.
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.
