CBOT wheat futures rose sharply over the past week
CBOT wheat futures rose sharply over May 10-16. During the week the price increased by 25.8 USc to 663.2 USc/bu.
Late frosts and deteriorating soil moisture in April and the first half of May in southern russia forced analysts to lower their wheat production forecasts. Estimates are within 84-86 M mt (down 4-5 M mt). This news, combined with the russian Minister of Agriculture’s statement that frost had affected crops on 1% of the sown area, or about 830 K ha, contributed to the rise in prices.
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