Wheat futures in Chicago are under pressure today because the U.S. Department of Agriculture report on the condition of U.S. winter wheat stocks was better than analysts had expected.
After closing on Monday, the USDA announced in its first weekly crop condition report for 2020 that 62% of US winter wheat crops were in good to excellent condition, compared to 60% in the previous year. Analysts had expected only 56% of winter wheat to be in good to excellent condition.
The wheat price is currently supported by concerns about drought in the Black Sea region. An additional fear factor is the export restrictions in connection with the corona virus, especially in Russia.
Source
Hansa Terminhandel GmbH
