(Bloomberg) — Winter wheat climbed higher for a fourth straight day as a deep freeze across the US grain belt escalates concern about shrinking crops.
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The extreme cold snap is putting recently planted wheat in danger of winterkill, which can occur when soil lacking enough snow protection can grow cold enough to kill off the plant. Grains in some key areas already are the focus of worry over ongoing drought.
“The cold weather could produce some winterkill in US production areas to make a small crop even smaller,” said Jack Scoville, vice president of Chicago brokerage Price Futures Group.
Record-cold temperatures are striking as the Russia-Ukraine war continues to limit farm exports from two of the world’s top grain shippers. Corn and soybeans in South America also are in focus amid weather woes in the region, while delayed harvests in Brazil and Thailand fuel higher sugar prices. The supply issues raise the prospect of more food inflation in 2023.
The Bloomberg Agriculture Spot Index was heading for third weekly gain as of Thursday, with most markets extending gains Friday. That would be the longest streak of weekly gains since May.
Hard red winter wheat futures rose for a fourth day in Chicago, the longest such streak since August. The most-active futures contract is poised to end the week up 3.6%, the biggest jump since late September.
Benchmark Chicago wheat rose as much as 2% to $7.7775 a bushel on Friday, the highest since Dec. 2. The futures are headed for a second straight week of gains.
Corn and soybeans in Chicago also gained as dry weather and rising temperatures are poised to return in Argentina on Sunday, further stressing crops. Raw sugar climbed higher for a sixth straight trading day on tight global supplies amid slower-than-expected global harvests.
–With assistance from Samuel Gebre and Marvin G. Perez.
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London’s top flight consolidated the big gains seen on Tuesday.
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Gold prices ticked higher on Thursday, aided by a softer dollar, while market participants braced for U.S. jobs data that could influence the Federal Reserve's policy trajectory. Spot gold was up 0.1% at $1,856.11 per ounce, as of 0302 GMT, after hitting a near seven-month high in the previous session. U.S. gold futures also edged 0.1% higher at $1,861.20.
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STORY: It's beach weather in parts of southern Europe… in January. Swimmers and sunbathers were out Wednesday in the Spanish resort of Malaga. That as temperature records tumble across the continent. Over New Year in Bilbao, in northern Spain, the mercury hit 25.1 Celsius, or about 77 Fahrenheit. Ski resorts in the region are shut due to a lack of snow. The warmth left tourists outside the Guggenheim museum with mixed feelings. “Yeah, it’s nice weather for biking, but we know the planet is burning, so we are enjoying, but at the same time, yes, it’s scary.”Many see the warm weather as further evidence of climate change. Greenpeace says the January heatwave is proof that it’s time to end dependence on fossil fuels. But the warmth also offers some relief for European governments. They’ve been struggling to cope with soaring gas prices following Russia’s invasion of Ukraine. Now the hot spell has reduced demand for gas for heating, sending energy costs lower again. On Wednesday, Europe’s benchmark gas price had dropped back to pre-war levels. Italy’s energy authority, for one, has predicted bills will fall as a result. That should mean European governments don't have to spend as much on capping charges for consumers. In Bilbao, locals just aren't sure what to make of it all.It’s not normal, says this man, it should be cold and rainy at this time of year.
As a huge storm approached California on Wednesday, officials began ordering evacuations in a high-risk coastal area where mudslides killed 23 people in 2018, while residents elsewhere in the state scrambled to find sandbags, and braced themselves for flooding and power outages.
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As a winter storm hits Sioux Falls and most of southeastern South Dakota, here's a look at the snow reports so far Tuesday.
Wheat Climbs as Deep Freeze Stokes Fear of Shrinking US Crops – Yahoo Finance
