Dry Weather Boosts Wheat Futures

There is current speculation the dry weather in the mid-west may curb yields in Kansas – the biggest domestic production area of winter wheatWheat futures saw the biggest jump today since late April on this revelation.

The USDA reported recently just more than 50% of the Kansas wheat crops were in good or excellent condition which was downgraded from 60% a week prior.  This seems to now conflict with wheat (futures) dropping almost 7% this year as favorable weather assisted crop development.

(Wheat futures gains…) due to the recent government report showing that only 52% of the Kansas wheat crop is now rated good-to-excellent, as opposed to 60% with that rating the previous week,”  said Barb Levy,chief account executive at Futures & Options Execution in Chicago, regarding the current wheat futures situation.

The trend for wheat futures remains down, and this is the time of year we should see an acceleration to the downside.  Wheat futures are pulling back for a lower-risk selling opportunity at this time…

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