North Dakota farmers wait as heavy rains hurt wheat crops

While many regions of the U.S. have been blanketed by an unrelenting heat wave over the past few weeks, farmers in North Dakota are concerned that heavy rains will lower wheat crop yields this season, potentially driving up prices. 

Bloomberg reports that North Dakota, which is the largest producer of wheat of any U.S. state, could have reduced crops this year amid heavy rains. Spring wheat is used to make pizza and crust and that crop is maturing at its slowest pace since 1995, according to data released by the U.S. Department of Agriculture (USDA).

USDA forecasters said previously that they expect wheat crops to fall 16 percent this year from the year prior. According to USDA officials, they might have to overhaul their previous projections following the reports of heavy rains. USDA representatives are scheduled to tour wheat fields beginning tomorrow.

The USDA predicts that North Dakota may generate 233.7 million bushels of spring wheat this year, which is far less than the 277.2 million bushels harvested in 2010. That, however, was predicted in a July 12 report.

On the Chicago Board of Trade on Monday at 12:20 p.m., wheat futures were down 2.5 percent to trade at $6.75 per bushel.