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Wheat Futures Decline Overnight as Crop Ratings Still Better Than Expected

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May 16th, 2017

Wheat futures declined in overnight trading after a government report showed the condition of the winter wheat crop was better than what some may have expected.

Some 51% of the crop was in good or excellent condition as of Sunday, and while that’s down 2 percentage points from the prior week, it’s still better than most had projected considering damage from a snowstorm two weeks ago.

In Kansas, the biggest producer of wheat and the epicenter of the snowstorm, 44% earned top ratings, according to the U.S. Department of Agriculture. In Oklahoma, 48% was rated good or excellent.

As much as 2 feet of snow fell in parts of western Kansas on April 29 and 30, burying some fields and snapping stems in other fields. No official word of how much damage was done has been presented since the storm.

Wheat for July delivery fell 1¾¢ to $4.21½ a bushel overnight on the Chicago Board of Trade. Kansas futures declined 4¢ to $4.24½ a bushel.

Soybean futures for July delivery rose ¼¢ to $9.65½ a bushel in Chicago. Soy meal rose 20¢ to $312.70 a short ton, and soy oil futures gained 0.04¢ to 33.06¢ a pound.

Corn futures fell 1¾¢ to $3.66 a bushel in overnight trading.

 - Successful Farming.

See Also: Corn Futures, Soybean Futures, Wheat Futures