US wheat futures close sharply higher

Chicago Board of Trade wheat futures closed sharply higher on Tuesday on a number of global weather issues that are affecting wheat output and potential wheat output. Traders said a drought in France, drought in the US Plains and excessive wet weather in the US spring wheat region and soft red winter wheat region combined to lift prices.
USDA late on Monday said 32 percent of the US winter wheat crop was in good-to-excellent condition, down from 33 percent a week ago and below the 66 percent five-year average. USDA also said 36 percent of the US spring wheat crop had been planted, up from 22 percent last week and well below the 76 percent five-year average.
A drought in France has become so severe that there can be no recovery from crop losses, and this year's wheat output is likely to fall by far more than 5 percent in the European Union's largest grain producer, an expert said. Dry weather continues to stress the hard red winter wheat crop in the US Plains, mainly in Oklahoma, Texas and southern Kansas. Wet weather is slowing spring wheat seedings in the northern US Plains. Dry weather in France also is leading to concerns about harm to the wheat crop there. US high protein wheat prices soar, millers nervous.