Wheat Drops in Midst of Snowstorms
Wheat dropped to an eight-month low earlier this week as the Great Plains and other parts of the U.S. were hit by a snowstorm predicted to ease drought conditions before crops come out of winter dormancy.
As of February 19th - 91-percent of the central to northern Great Plains was under moderate to exceptional drought - but dry conditions are ending as the regions were hit with two storms in one week.
A/C Trading Company President Jim Gerlach says heavy snowfall brought much needed moisture to dormant winter wheat crops in parched growing areas. Wheat futures for delivery in May decreased nearly two-percent to around seven-dollars and five-cents per bushel on the Chicago Board of Trade - after touching seven-dollars and four-cents - the lowest for a most-active contract since June 25th.
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