Wheat Market Shifts Amid Western Drought and April Freeze
In a special market letter from Kansas City, forecasts point to a break in hot, dry western weather with rain in some areas. Wheat prices rose to yearly highs on deteriorating conditions across western Kansas and the belt, while outlooks vary by region. The April freeze, moisture shortages, and rust have damaged plant vitality, with poor Kansas and Missouri crops raising concerns of a late harvest and firm prices. Coarse grains and oats lag behind the wheat rally, and corn planting is late in the South, with seasonable weather needed to stabilize demand.
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Texas
Oklahoma
Nebraska
Wheat
Manhattan
Kaw Valley
Kansas City Market Summary From Early Trading Day
AP reports from Kansas City Missouri and Kansas City Kansas show wheat prices at May and July futures with mixed gains and losses across grains. Cattle and hog markets are weaker with lower quotes for beef steers heifers and hogs. volumes large and receipts noted.
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