The United States: Why wheat prices remain red-hot
Soybean
Wheat
United States
Published May 6, 2022
Tridge summary
Wheat prices made another round of impressive inroads today, with July contracts for Chicago, Kansas City and Minneapolis sitting above the rarely seen $11 per bushel benchmark. From war in Ukraine to poor crop quality in the U.S. and a strengthening drought in France, there are plenty of reasons for traders to continue operating in a bullish environment. Corn and soybean prices followed suit, picking up modest gains of 0.25% to 0.5%.
Original content
Per the latest updates to the U.S. Drought Monitor, out Thursday morning and covering the week through May 3, drought’s footprint is steadily being erased in the Midwest, with just 11.3% of the region now affected. Compare that with three months ago, when 43.2% was affected. Some improvements were also noted in the High Plains, although 84.1% of the region is still affected. NOAA’s latest 8-to-14-day outlook expects seasonally wet weather to extend through the Northern and Central Plains, along with much of the upper Midwest, between May 12 and May 18. Expect seasonally warm weather for the eastern half of the U.S. during this time. Wall St. continues to show extreme volatility this week. The Dow shot up 932 points yesterday, only to face a major selloff today, tumbling 1,200 points lower in afternoon trading to 32,860. “Having the kind of day we had yesterday and then seeing it 100% reversed within half a day is just truly extraordinary,” Randy Frederick with the Schwab Center ...
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