Wheat Advances for a Third Day on Deteriorating Crop Conditions in U.S.
“Wheat rose for a third day in Chicago as worsening winter-crop conditions in the U.S., the largest exporter, and delayed spring-crop plantings fueled supply concerns amid strengthening demand.
About 38 percent of the winter-wheat crop was in poor or very poor condition as of April 17, up from 36 percent a week earlier and 6 percent a year earlier, the U.S. Department of Agriculture said yesterday. Dry weather in the past week from central Kansas to Texas hurt crops. About 5 percent of the spring-wheat crop was sown, against 18 percent a year earlier and the prior five-year average of 12 percent, the USDA said.
“Wheat prices rose sharply on the news of the slow spring- wheat planting and on the further news that the condition of the current winter-wheat crop is really quite bad,” economist Dennis Gartman said in his daily Gartman Letter.”