According to Bloomberg, wheat plantings in southern Kansas through Texas have been hurt by drought-like conditions, as well as inclement weather. Though rain is forecast in the region this week, agricultural analysts said it is likely arriving too late to help reverse damage already inflicted on crops.
Similarly, crops in France have likely suffered irreversible damage from drought conditions even as rain storms hit growing regions over the past week, according to the farm advisor Offre et Demande Agricole.
"The supply condition in the world is not that optimistic," Phillip Futures Pte analyst Ker Chung Yang told the news service.
Monday on the Chicago Board of Trade, wheat futures for July delivery were down 1.8 percent, or 14 cents, to trade at $7.45 per bushel.
Still, though wheat futures were down in mid-day in trading, analysts contend that as reports come over the coming days that more accurately tell of current crop conditions, they could surge higher.
Post A Comment:
0 comments so far,add yours