Wheat Futures Jump Most in Two Months on U.S. Crop Freeze
By Jeff Wilson - Jan 3, 2014
Wheat futures jumped the most since mid-October on concern that some crops will be damaged by freezing weather in parts of the U.S., the world’s top producer. Corn rose, and soybeans fell.
As much as 20 percent of winter wheat in the Great Plains may be damaged by the freeze, according to MDA Weather Services in Bethesda, Maryland. Temperatures may drop to minus 10 degrees Fahrenheit (minus 23 Celsius) in the next few days in the central and southern Plains and minus 25 degrees in the Midwest.
“Snow cover will remain quite thin across much of Nebraska and north central Kansas, and some extensive winterkill damage is likely there,” Don Keeney, a senior agricultural meteorologist at MDA, said in a report.
Wheat futures for March delivery rose 1.3 percent to $6.0475 a bushel at 12:19 p.m. on the Chicago Board of Trade. A close at that price would mark the biggest gain for a most-active contract since Oct. 18. Yesterday, the grain touched $5.95, the lowest since May 2012.
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http://www.bloomberg.com/news/2014-01-03/wheat-recovers-from-19-month-low-as-arctic-freeze-may-hurt-crops.html
