Although the USDA noted further earnings losses on the US winter grain last night, the CBoT wheat future is losing slightly this morning, leaving its monthly high.
Analysts say the USDA's confirmation of further crop damage from cold and drought in several production areas was already priced in yesterday's high price moves.
The temperatures in the Hard Red winter growing region were low enough to cause crop damage. The earnings estimates were already very low. The additional damage is therefore likely to be minimal. However, it is also very cold in regions that did not previously suffer from drought.
The USDA yesterday rated only 30% of the US winter crop in very good to good condition. In the previous week it was 32% and at the same date last year it was 53%.
Text: HANSA Derivatives Trading GmbH / / Graphic: Saxo-Trader 
