Wheat Futures Rally Amid Worsening Drought Within The Northern Plains

“According to the June 26 USDA report, the ratings for spring wheat crop conditions were worse than analysts expected.
A major drought in the Dakotas has caused spring wheat crop conditions to decline sharply in the past four weeks.
“Wheat conditions in the United States started deteriorating in May and the beginning of June, and that began the rally,” said Cordier.
That has lowered expectations for the spring wheat, a high protein grain used in artisan wheat foods like hearth breads, rolls and even pizza crust.
“By comparison, Seifried said there’s “just not a whole lot of very good quality wheat like the Minneapolis spring wheat.

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