Minneapolis futures lead global wheat complex
June 22, 2017
The global wheat complex continues to be led by the Minneapolis Grain Exchange. For the US grain belts, the warmer dryer weather has impacted Hard Red Spring (13.5% Pro) production, hence the rally in Minneapolis Futures together with falling crop ratings. Chicago and Kansas futures have rallied in sympathy with the previously large speculative short in Chicago being wound in.
The winter wheat harvest continues across the southern Plains with protein reports from the Hard Red winter wheat crop still low with milling quality a concern. Hot, dry weather across Europe is also expected to trim yields. The Australian and Ukrainian wheat crop was revised lower last week also therefore risk money continues to keep the market on its toes.