Wheat Soars as U.S. Spring Crop in Worst Shape in 29 Years
- Futures in Minneapolis rise to highest since July 2015
- USDA: 45% of U.S. crop rated good or excellent as of June 11
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A prolonged dry spell has left the U.S. spring wheat crop in its worst shape in almost three decades, sending prices for the grain on a tear.
Forty-five percent of the crop, the high-protein variety grown in northern states, was in good or excellent condition as of June 11, the U.S. Department of Agriculture said on Monday after the close of trading. That’s down 10 percentage points from the prior week and marks the worst rating for the time of year since 1988.