Rising wheat prices are being attributed to frigid temperatures in the U.S. Great Plains, that may damage the winter wheat crop.
Grain prices are up again ahead of tomorrow’s USDA report, with wheat climbing more than 2%, the highest since June 2013, while soybean prices are the highest since mid-January and corn is up more than 2%. The Bloomberg Grains Subindex is up more than 33% in a year.
The pace of harvesting in Brazil is the slowest in 10 years, according to AgRural, a Brazilian agricultural consultancy.
Rising wheat prices are being attributed to frigid temperatures in the U.S. Great Plains, that may damage the winter wheat crop. Soybeans are gaining on reports of slow progress for the Brazilian harvest and the potential for tighter supplies. The pace of harvesting in Brazil is the slowest in 10 years, according to AgRural, a Brazilian agricultural consultancy. In Argentina, the government is looking for ways to limit domestic food price increases. Corn prices are up nearly 2% as traders wait on tomorrow USDA monthly supply and demand report which may reveal tightening supplies because of large U.S. exports to China.
The World Agricultural Supply and Demand Estimates report is set to be released tomorrow at 12:00 New York time.