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Wheat Higher in Early Trading as Spring Tour Shows Lower Yields

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July 28th,2017

Wheat futures were higher in early trading Friday after the Wheat Quality Council’s tour of North Dakota pegged yield and production at the lowest level in six years.

The spring wheat tour said spring wheat yields this year will total 38.1 bushels an acre. That’s down from last year’s actual yield of 46 bushels an acre for the spring crop.

Hot, dry weather for much of the summer hurt yields and output in the state, the biggest grower of spring wheat in the U.S. The western two thirds of North Dakota are in extreme or exceptional droughts, the worst possible ratings issued, while much of the eastern third is abnormally dry or suffering from a moderate drought, according to the U.S. Drought Monitor.

Only isolated or scattered showers are expected this weekend in the state, and no severe storms are forecast, according to the National Weather Service.

Commodity Weather Group said in a report earlier this week that the chances of rainfall are below normal for the month of August, which likely will further hurt spring crops.

Wheat futures for September delivery rose 7¼¢ to $4.87 a bushel on the Chicago Board of Trade. Kansas City futures added 7¾¢ to $4.88½ a bushel.

Corn was little changed, adding a penny to $3.88¾ a bushel.

Soybean futures for November delivery gained 3½¢ in Chicago. Soy meal rose $2.40 to $331.40 a short ton, and soy oil fell 0.03¢ to 34.26¢ a pound.

 - Successful Farming.

See Also: Corn Futures, Soybean Futures, Wheat Futures