Fear of yield losses drove CBoT wheat futures prices higher in the last six out of seven trading days. In most export nations dryness reduces yields.
The wheat market is back in weather mode. In the US plains as well as in Australia, where it takes a few more months until the next harvest is ready, it is too dry.
The USDA rated only 36% of US top-rated field stocks on Monday; In the previous year, 52% were on this date. Now it is also dry in Canada, Australia and southern Russia. These are all wheat exporters and that makes the prices on the futures markets go up.
Text: HANSA Derivatives Trading GmbH / / Graphic: Saxo.-Trader 
