CBOT wheat prices strengthened by 12% last week


Over the period under review (February 22 - March 01), CBOT wheat prices strengthened by 12% after a slight decline the previous week. The US wheat spot prices soared by USD 27/MT FOB, reports UkrAgroConsult.

The technical factor, as well as the weather, were the main bullish drivers last week. The prolonged drought provokes a further deterioration of winter wheat conditions in the USA. In addition, forecasts of the US meteorologists on the amount of precipitation for the near future are disappointing.

According to the USDA, in the state of Kansas, top producer of the HRW grade winter wheat, at the end of February the share of crops in good and excellent conditions amounted to only 12%. Last year it was 43%. In Oklahoma, where the drought is seen at 89% of the area, the situation is even worse - 4% of plants are in good and excellent conditions, compared to 43% last year.

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