Wheat Futures Surge After Freak Snowstorm Blankets Midwest


Wheat prices soared in Chicago on Monday, posting the largest increase on record.

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1 May 2017 – More than 12 inches of snow fell on ripening wheat in parts of Kansas, Colorado, Oklahoma and Nebraska in just 24 hours.

“In a lot of places, the (wheat) stems actually snapped or kinked over,” said Aaron Harries, a vice president of research at Kansas Wheat in Manhattan, “If that’s the case, it can’t get nutrients to the head anymore, and it’s done.”

While it will take several days before the full extent of damage can be assessed, early estimates suggest losses could exceed 50 million bushels … perhaps as many as 100 million bushels.

“We probably lost 50 million bushels in the area, and it may reach 100 million bushels depending on the weather the next month,” said Peter Meyer, a senior director at Pira Energy in New York.

See entire article:
http://www.zerohedge.com/news/2017-05-01/wheat-soars-most-record-after-freak-snowstorm-blanket-midwest

Thanks to Bill Sellers for this link


6 thoughts on “Wheat Futures Surge After Freak Snowstorm Blankets Midwest

  1. Let’s see … peach crops wiped out in Georgia and South Carolina; grape vines, apples, peaches, and cherries wiped out in Austria, Germany, France; HRW wheat wiped out in Kansas … surely there has to be a better reckoning of all the agricultural losses posted just this year. Whether you want to blame it on freak weather or climate change, in the end, people who are hungry won’t care. I’m glad at least to have come from family who put up the vast majority of their food wares for lean winter times, and I’m glad to know how to do so myself. The young people today, especially the urban ones, will be the first to suffer if we truly are headed towards hungry times because they won’t know where the food is coming from nor how to store it for the long-term.

    • Totally agree with your comments, esp. about young people today. I learned how to cook, garden, and put up food in my 20s… but don’t know anyone that age now that knows how to do those things. The other thing is… almost all the young people I know are very fussy eaters. Many don’t know how to cook either.

      What I also see is major problems with young people not being adaptable (I’m in the US, don’t know if there is the same problem elsewhere) … but most of the Millenials I know have are very much influenced by various fad diets and food “intolerances”… to the pointwhen at work we have any kind of event where people bring food there is always a huge list of restrictions – vegan, gluten free, dairy-free and also a lot of that fake “Paleo” diet stuff.

      My point being, when food is scarce… it’s the fussy eaters who are most likely to go hungry and suffer nutritional deficiencies first. Since I went through a period of extreme poverty from around age 18-25, including for example going hungry when I was pregnant at 18… I learned to eat a very wide variety of food and continue to do so.

  2. profiteering much?
    aus just harvested a record 111Million tonnes in ONE state alone this yr.
    prices here are too damned low..but that ,means theyre a good price for OS buyers to pick up and your overpriced US$ makes it a steal as well.
    but lying re scarcity makes it easy to raise prices while they buy cheap wheat elsewhere n gouge the consumer at home.

  3. And not brain dead. It’s in almost every thing you eat, and it’s not at all in your brain or your guts favor. Try it, you’ll feel much better, lose weight, be able to think better and many other annoying health problems will clear up, even diabetes. Best to stay out of the middle of the grocery, shop around the edge. Stay away from what I call- Paragragh labels, READ LABELS that’s why it’s on there, for you. Most pre-packaged foods are mostly synthetic additives. Feed your Brain- Feed your Body.

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