Wheat Futures Surge After Freak Snowstorm Blankets Midwest

Wheat prices soared in Chicago on Monday, posting the largest increase on record.

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1 May 2017 – More than 12 inches of snow fell on ripening wheat in parts of Kansas, Colorado, Oklahoma and Nebraska in just 24 hours.

“In a lot of places, the (wheat) stems actually snapped or kinked over,” said Aaron Harries, a vice president of research at Kansas Wheat in Manhattan, “If that’s the case, it can’t get nutrients to the head anymore, and it’s done.”

While it will take several days before the full extent of damage can be assessed, early estimates suggest losses could exceed 50 million bushels … perhaps as many as 100 million bushels.

“We probably lost 50 million bushels in the area, and it may reach 100 million bushels depending on the weather the next month,” said Peter Meyer, a senior director at Pira Energy in New York.

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May 1, 2017 at 10:43AM