Grain growers in the United States fear the worst for their sown fields of wheat and corn. Extreme weather forces some growers to overseed. The market reacts with an increase.
Growing areas in Kansas, Colorado and Oklahoma were hit by frost last weekend, while fields of corn and wheat were flooded in Arkansas, Nebraska and Illinois. The extent of the damage caused by the extreme weather remains to be seen. In any case, it is clear that there is a loss of production and that part must be resown.
Commodity exchanges react immediately
The commodity exchanges react immediately. Wheat at the CboT quickly reached a 6-week high on Monday. Corn also benefited from this, as did soybeans. How the Paris stock exchange responds to the worrying situation will become clear on Tuesday, because the Matif will be closed on Monday for Labor Day.
Field on the left is corn. #replant17 14" of rain since Easter and counting. pic.twitter.com/bVQHOsqYRe
— Brian Ulen (@brianu24) May 1, 2017
This is just South of Jonesboro. Hard to find a dry spot. #replant17 pic.twitter.com/j4E5WXaeit
— Jack Dalton (@JackWDalton) May 1, 2017
Many of Acres underwater in Central Illinois! #Replant17 pic.twitter.com/7n1f731m9G
— Rhett Dambacher (@ILcornfarmer) April 30, 2017
Rapids in your freshly planted field. 25ft drainage ditch full. #FarminginFlatlands #Replant17 pic.twitter.com/2H3dg2cUzF
—Cheryl Day (@DayAngus) April 30, 2017
This is wheat and Alfalfa in Western Kansas pic.twitter.com/rHLeHIOIDX
— John Jenkinson (@JohnJenkinson2) April 29, 2017