Wheat Drops to 8-Month Low as Plains Snow to Ease Drought
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Wheat dropped to an eight-month low on speculation that a snowstorm today in the U.S. Great Plains will help ease drought conditions before crops emerge from winter dormancy. Soybeans declined, while corn gained.
Parts of Kansas, Oklahoma and Texas are under a blizzard warning, with some areas set to get as much as 15 inches (38 centimeters) of snow, T-Storm Weather LLC said in a report today. While 91 percent of the central to northern Great Plains was under moderate to exceptional drought as of Feb. 19, according to the U.S. Drought Monitor, the dry conditions are ending with the second storm in a week, T-Storm Weather said.