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Wheat spikes sharply; rally continues on dry weather fears

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posted on May, 17 2012 @ 09:38 PM
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Wheat has been doing quite well these days, which is all the more noteworthy given the general malaise for many other commodities in general. There is fear of dry weather in both the US and Russia, and the US will sell quite a bit to China this year, despite an expected record harvest for that nation.

Grains are always something worth keeping an eye on, especially when they move sharply and counter to general commodity trends.



SYDNEY, May 17 (Reuters) - U.S. wheat futures climbed on Thursday, extending gains from the previous session when the grain posted its biggest daily price rise in 6-1/2 weeks, on concerns about dry conditions damaging the winter wheat crop.

Chicago Board Of Trade July wheat futures rose 0.74 percent to their highest level since May 1 after soaring 5
percent on Wednesday, as weather concerns rattled the market.


Source:
af.reuters.com...




posted on May, 17 2012 @ 09:50 PM
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reply to post by silent thunder
 


I live in a Province(Canada) where wheat is a big commodity. This year farmers are having trouble because it's too wet to seed crop. If our fall is mild thing should be some what okay like last year. It's just about how the weather will treat them this year is wut matters. I wish they could grow fields of bacon strips though. I'd wander the lush bacon strip fields of the Prairies till death!



posted on May, 17 2012 @ 09:51 PM
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like I posted earlier...we haven't had one drop of rain in at least 2 months...and this IS the midwest...we are usually full swing with thunderstorm season!
edit on 17-5-2012 by Neopan100 because: (no reason given)



posted on May, 17 2012 @ 10:06 PM
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Am already seeing a sharp rise in costs for baled hay and wheat straw for my livestock. Price has jumped almost 50% since last year. It won't get better either. I'm tired of our government selling so much of our grains, and produce to China.

It makes for a tighter supply here at home, where it is grown. And much more expensive for the end user. I can see why so many small farmers and livestock breeders are going under. We should only sell our *overstock* or surplus goods to China.

Des



posted on May, 17 2012 @ 11:18 PM
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In MN USA, haven't seen one bee, talked to a friend 15 miles afar, she has not seen one either. Drought...don't know yet because it is still damp in the deep earth. I see farmers crops of corn coming up.




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