Wheat prices are under pressure from hot weather in China
CBOT wheat futures increased for May 9 – 15. SRW wheat price increased to $5.32, up 3.4 cents WoW.
The latest monthly USDA report contains important data, particularly regarding wheat production levels in China, where hot weather could negatively impact the harvest. China is experiencing a prolonged drought, which will likely impact winter wheat production (there have been reports of wheat purchases from Canada and Australia).
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