Spring Wheat Used In Pizza Crust Nears 14-Year High As Floods Devastate Northern Plains
U.S. spring-wheat futures are nearing the highest level since 2008, as the Northern U.S. Plains are plagued with devastating floods that prevent farmers from planting in the high-producing crop region.
Blizzards, winter storms, high winds, and extreme flooding battered the Dakotas and stalled plantings in April, raising concerns about shrinking crop yields as prevent plant dates for North Dakota are at the end of May.
Because of wet conditions, farmers cannot work their fields, which means yields will decrease everyday wheat isn’t planted.
“The spring-wheat crop should continue to see planting delays with heavy rains, and cold weather in the forecast,” commodity research firm The Hightower Report said.
The most-active spring wheat futures contract increased more than a 1% to $12.02 a bushel, nearing March’s peak and closing in on the highest level since 2008. Prices have more than doubled since the virus pandemic low. $4.90.- READ MORE
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