Wheat Futures Sink on Midwest Snow

Wheat futures has extended its losses this week on ample snowfall in the Mid-West.  There was initial concern on continued drought-like conditions lingering from previous years and damaging wheat crops.

The National Weather Service says the storm that started yesterday is expected to drop 20″ of snow over the wheat fields around Dodge City, Kansas.  In the north-central part of Kansas, they have already nine inches on the ground so hopefully the parts of that state that have had exceptional drought conditions will be improved.

Kevin Riordan, director of commodities research at Capital Trading Group in Chicago, had this to say regarding the current wheat futures situation, “Wheat farmers and cattle ranchers are cheering the snow in hopes it will ease the drought conditions in the Midwest.  It’s not as good as two days of rain but the sheer volume of the snow will bring some moisture, which will be beneficial to the wheat crop.”

Wheat futures continue their down-trend with new lows today not seen since last June.  We are short both wheat futures markets with no bottom in sight.


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