Wheat Market Makes Record Moves
Daily Markets 051722
Kansas City wheat scored record highs on Tuesday, exceeding the highs set in 2008. The rally has been driven by world and U.S. production issues, as U.S. winter wheat crop ratings were on 27% G/E this week and the lowest since the drought in 1989. However, India’s ban on exports, the lack of Black Sea exports due to the war,, and the slow planting pace on spring wheat at 39%, have also pushed Chicago and Minneapolis wheat into new contract highs. Michelle Rook talks to Randy Martinson of Martinson Ag about where the market is headed from here.
