Kansas Association of Wheat Growers
Hello Kansas Wheat.
I’m sorry this is a day late. A nasty storm blew through up here and we lost power overnight.
As with many storms, the accompanying rain is a blessing. I spent most of the weekend on a “crop tour” in southern Minnesota (a baseball tournament was involved…) and their corn and beans, like about everyone’s corn and beans…needed a rain. Judging by today’s futures action, the market thinks moisture is coming to most of The Corn Belt, or Bean Belt…wherever those are. In this age, the Corn and Bean Belts are almost nationwide.
We’ll look at prices and the weekly closing futures table in a bit, and have to note that beans, and corn and wheat were down about a dime today from the Friday’s closes. BUT as I write this, corn and beans are up a penny, with KC and Chgo wheats about a nickel higher, and that crazy MGEX spring wheat is up 20c or more.
Maybe the North Dakota/Minnesota forecasts are drier. Or maybe the updated spring wheat crop condition report showing a 10% drop in “good” and a 9% increase in “poor” and “very poor” is something to talk about.
Whatever…right now this spring wheat vs winter wheat July futures chart is printing new highs:
MGEX July spring wheat futures are currently $1.70/bu or so higher than KC hard red winter wheat futures. That’s fairly amazing when you also realize that Canadian spring wheat is deliverable against the MGEX contract, and last I knew, Canada grows a LOT of spring wheat.
If I were you, I would look at that chart and ask “is that real?”