Unfavorable weather conditions in the USA, China, and Russia led to speculative growth of wheat quotations by 2.5-4.6% per day

Wheat quotations sharply rose by 2.5-4.6% yesterday to maximum levels over 1-3 months against the backdrop of information about adverse weather in the USA, China, and Russia, and news about the potential involvement of the USA in the war between Israel and Iran. In the two largest wheat-producing regions of Russia (Krasnodar and Rostov), a state of emergency has been declared in some areas affected by drought. Wheat harvesting is underway in China, but there is information that the harvest will be lower than predicted due to drought. In the southern plains of the USA, prolonged rains are delaying the harvesting of winter red wheat and leading to a decrease in wheat condition assessments in some areas. As of June 16, only 3% of areas have been threshed in Kansas (compared to 11% on average over five years), 30% in Oklahoma (46%), and 56% in Texas (57%). Hot weather is forecast for this week, which will be replaced by a new wave of rains at the end of the week, which will contribute ...