Wheat Futures Rise Amid Cold Weather Threat

Wheat futures across all three exchanges gained on Wednesday as a cold weather threat bears down on the 2023 US winter wheat crop. 

Frigid temperatures and a lack of snow cover could result in winterkill for Hard Red Winter crops in the central Plains, as well as Soft Red crops east of the Mississippi River. The plunge in temperatures for Thursday night is expected to be widespread, extending even into northern Texas although the coldest weather is still forecast across the nation’s northern tier, including the Dakotas. 

The cold is not forecast to last beyond the 6- to 10-day forecast, but any potential damage to crops is not expected to be immediately known. That may have limited the advances in the market today.