Dry weather in the wheat regions of the two major export nations, the USA and Australia, supports the wheat prices on the CBoT this morning.
Ole Houe Agricultural Market Analyst in Sydney Australia says the Chicago wheat is undervalued. Australian farmers sow the wheat for the next crop in dry soil, as they have not done for years. Already last year, the world's fourth-largest wheat exporter had the smallest wheat crop in a decade.
US hard-red winter wheat suffered from dryness for months, yet on 14 May the USDA rated 36% of the field stock there with the top rating "good-to-excellent".
Text: HANSA Derivatives Trading GmbH / 
