Kansas Association of Wheat Growers
July 10 Dan Maltby Marketing Newsletter
Hello Kansas Wheat.
I took a week off for 4th of July, and what the heck happened?!?! The wheat market skyrocketed!
Why? The easy answer is spring wheat… high temperatures, lack of rain on reduced acres, and a relatively small futures market combined to make spring wheat prices explode. Canada had a chance at putting the fire out, but most reports indicate her wheat crop has “gone backwards” and the market has run with it, stunningly.
As I write this weekly update, prices for all grains are higher. The spring wheat weather bomb continues to support winter wheat, and the USA forecasts for rain in the Belts have fizzled, so the corn and bean markets are sizzling. The summer of 2017 will be memorable.
Weather forecasts change rapidly, and a longer outlook may be more meaningful, but this weather map of forecast high temps for TOMORROW is all the market needed to start this week on a rip:
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Source: Kansas Association of Wheat Growers