CBoT wheat with largest month gain in five years

The price of the CBoT Weizenfutures rises today morning for the fourth time in a row and reached the biggest monthly gain in five years. Heavy rain in the U.S. corn belt hamper the harvest and damage the quality. In June, the price of wheat futures contract already increased 23%, also the corn future increases by 10%. The best monthly rise since October 2014.
Rainfall in the Eastern and southern Midwest of the United States had caused damage in corn and soybeans last week. The floors are verschlämmt and the last soybeans can not be created. Meanwhile, the wheat harvest was already at least one week in arrears last Sunday, so the crop report, the USDA yesterday. 38% of land were cleared, compared to the five-year average value for end of June by 46%.
Further support for the development of the course comes from Canada and Europe, where it remains still much too dry at least a week. Strong demand limited the physical delivery of the stock market for deliverable grades to meet the July Weizenfutures on the first day of the delivery. It is estimated that yesterday only 0-50 to wheat contracts were tendered to the buyers of the stock futures.

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