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Little or no rain fell across much of western Kansas or the Oklahoma and Texas regions.
Wheat futures rose during the overnight session amid concerns about dry weather in the U.S. Southern Plains, where the winter crop of hard red wheat is growing. Corn futures were also up.
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Little or no rain has fallen across much of western Kansas or the Oklahoma and Texas regions over the past two weeks, worsening the outlook after months of dry weather, according to the National Weather Service's precipitation page. In Kansas, the largest U.S. winter wheat producer, about 75% of the crop is suffering from drought conditions, according to the U.S. Drought Monitor. About 54% of Oklahoma, the second-largest producer, is experiencing a drought, the monitor said.
The worst of Oklahoma's drought is along the northern edge, including the panhandle where a large chunk of winter wheat is grown, NWS maps show. About 28% of US winter wheat was in good or excellent condition on Sunday, up from 27% the previous week, the USDA said in a report yesterday. Still, that's below the 32% that got top ratings at the same point last year.
Only 13% of the Kansas crop was good or excellent, compared to 16% the previous week. Seven percent of the US crop was growing as of Sunday, up from 6% the previous week and above the 4% average for this time of year, the government said. Investors are also digesting yesterday's World Agricultural Supply and Demand Estimates, or WASDE, report from the U.S. Department of Agriculture.
Source: Leonardo Gottems | agrolink
