It was a solid month for spring wheat prices. They pushed higher thanks to delays in planting, quality concerns, and questions about the weather heading into the summer.
Here’s a breakdown of the action on spring wheat prices and contracts in Minneapolis that we’re watching this month:
- May 2018: +6.8% or 39.3¢ to $6.178 USD / bushel
- July 2018: +4.9% or 29¢ to $6.155 USD / bushel
- Dec 2018: +4.2% or 25.5¢ to $6.325 USD / bushel
- Mar 2019: +4.3% or 26.3¢ to $6.448 USD / bushel
In May, for spring wheat prices, it was all about the weather.
Dryness has already fueled a downturn in yields in key production regions around the globe. One of those areas to focus on is obviously Western Canada.
But if you follow the mainstream press, this is probably all that you heard about. Our GrainCents subscribers received a wealth of insight this month. We focused on a number of factors, including:
- Ongoing weather woes in Argentina and the impact on their 2018 wheat crop,
- How Morocco is looking to buy more local spring wheat production
- Revised expectations for the 2018/19 US spring wheat crop, and
- A bullish market that too many farmers are ignoring.
Be sure to sign up for your free 3-week trial at GrainCents as this month could be the most impactful for how and when you price your spring wheat for the rest of 2017/18 old crop, as well as a significant portion of your 2018/19 new crop production.
