Mother Nature Continues To Threaten Crop Yields Sending Prices Higher

“U.S. wheat futures rose on Thursday, extending gains into a second straight day as unfavorable weather conditions threaten crops in main producing countries, while corn jumped as plantings lag at rain-soaked farms in the United States.

Excessive rains have delayed seeding of U.S. corn, soybean and spring wheat which could reduce yields. Wheat crops are also suffering from dry weather in the United States, Europe and China.

“Weather is giving wheat growers a double whammy. It is too dry in China and Europe, and there are excessive rains in the U.S.,” said Ker Chung Yang, an investment analyst at Phillip Futures in Singapore.

Showers in the northern U.S. Plains put spring wheat plantings behind schedule, with planting only 34 percent complete in the top wheat state of North Dakota, down from the normal pace of 85 percent.

Rains and floods have hit the U.S. spring wheat planting window, which is progressing at its slowest pace since 1986.”

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