Wheat Futures Surge After U.S. Crop Pummeled by Snowstorm
- ‘Nasty storm’ dumps 12 inches of snow in four Midwest states
- Initial estimate puts crop loss at 50 million bushels or more
What the Kansas Blizzard and El Nino Mean for Commodities
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Wheat prices posted record gains in Chicago on Monday as the U.S. winter crop faced substantial losses from snow and high winds that slammed into four Midwest states including Kansas, the top grower.
More than 12 inches (30 centimeters) of snow fell on ripening wheat in parts of Kansas, Colorado, Oklahoma and Nebraska in the past 24 hours, David Streit, the senior lead forecaster at Bethesda, Maryland-based Commodity Weather Group LLC, said in a telephone interview. While it will take several days before the damage can be assessed accurately as the snow melts, early estimates suggest losses could exceed 50 million bushels, according to Pira Energy.