Chicago Wheat Extends Gains as US Drought, Freeze Damage Threaten Output

1 articles · Updated · Bloomberg · May 12

Chicago wheat rose further after worsening U.S. crop conditions signaled tighter supply risk for a key global exporter.
Persistent dryness in parts of the Great Plains is stressing hard winter wheat, with drought in a major production region threatening output.
Kansas is in focus this week as Wheat Quality Council tour organizers expect scouts to find both freeze damage and drought stress in fields.
Those field reports could shape near-term price direction by offering an early read on how much poor weather has cut the U.S. wheat crop.

As record drought and freezes decimate US wheat, is this a weather anomaly or the new reality for America's breadbasket?

An official surplus was forecast yesterday, but a crisis looms today. How will tomorrow's USDA report reshape global food markets?