Commodities
Home›Commodities›Agriculture›Scorching heat threatens North Dakota wheat as prices…
Scorching heat threatens North Dakota wheat as prices hit a three-year high
The article links a run of 100-degree days in North Dakota to yield stress as wheat futures have surged nearly 40% this year, with Russia-Ukraine Black Sea risks adding export uncertainty.
LiveMint Markets reports that scorching weather is stressing wheat fields in North Dakota as harvest nears closing, even as wheat prices have risen to a three-year high.
The report says the region has seen a recent spate of 100-degree days that could hurt yields in the key US wheat-growing state, while escalating attacks between Russia and Ukraine in the Black Sea raise the risk of disruptions to exports.
A grower, Jim Pellman, said he is focused on getting bushels into bins because harvest is still ongoing, adding that the wheat market has repeatedly been roiled since 2022 by the conflict. The piece notes that any reduction in US supply would likely weigh on world supplies.
LiveMint Markets also points to broader supply concerns, citing the USDA estimate that total American wheat production this season is the lowest since 1970 to 1971. It adds that Russia warned it is unsafe to navigate the Black Sea, with the two countries accounting for more than a quarter of global wheat shipments, and that wheat futures have rallied nearly 40% this year before easing up to 1.8% after a prior jump.
Latest closeWheat $694.50 ▼1.6%