Forecasts of frost in the US in the absence of a layer of snow led to a speculative increase in wheat prices

Forecasts of a new wave of frosts in the US in the absence of a sufficient layer of snow led to a speculative increase in wheat prices on US exchanges by 2.7-3.8% on Friday. It is expected that next week in the winter wheat growing regions of the US temperatures will drop to -20...-22°C at night and -5...-10°C during the day, and minor snowfalls will occur only at the beginning of the week. On Monday, the exchanges will be closed on the occasion of the celebration of Presidents' Day, so traders have intensified their purchases of wheat against the background of the risks of damage to crops in fields where there is no snow cover. March wheat futures rose on Friday: Traders are also concerned about the lack of snow cover in Ukraine's fields, where frosts of -10…-12°C at night and -3…-5°C during the day are expected next week, which will reduce soil moisture reserves and worsen the condition of winter crops. March wheat futures on the Euronext exchange in Paris rose by only 0.8% ...