The markets are also experiencing huge speculative interest from index and hedge funds buying commodities for inflation hedges.
For the next six weeks, price action will be largely dominated by weather.
Investors will watch Russia’s exports for the next three weeks, analyst says.
From here on out, it’s all about the U.S. crop weather, analyst says.
Just for this week, Kansas City wheat rallied 34¢, Minneapolis was up 33¢, and Chicago up 25¢. Corn surged 59¢ and soybeans were up 56¢.
For wheat, specifically, obviously it will go higher as corn moves higher, analyst says.