U.S. wheat futures are higher, led by fresh contract highs at the MGE, on concerns that the hard red spring crop continues to suffer because of drought conditions in South Dakota. Hot, dry conditions, with temperatures in the low- to mid-90s Fahrenheit, were seen over the weekend, stressing the crop in its critical heading stage. Forecasts for next week are even hotter, with readings of 95-100 degrees expected, according to DTN Meteorlogix. "Production prospects have already been diminished by recent drought conditions," DTN says. Continuing drought in the northern Plains has likely reduced the impact of higher spring wheat acres and additional old-crop supplies found in the latest USDA acreage and stocks reports, says Jerry Gidel, analyst at North America Risk Management Services in Chicago. Australia's southwestern winter wheat belt saw its driest June on record, adding to the bullish atmosphere in the global wheat market.
Quelle: http://www.futuresource.com/ne…sp?i=i4678241050866942016