Cash prices for hard red winter (HRW) wheat in the southern U.S. Plains are surging as buyers scramble to lock up supplies of high-protein wheat from what could be the second-smallest crop in decades, traders said.
Reuters reports amid a global shortage of high-protein wheat, commercial grain handlers need the new-crop grain to blend into their stocks to salvage the lower-quality wheat left in their bins from last year.
The race to own new-crop HRW wheat marks one of the few bright spots in the U.S. farm sector at a time when uncertainty over domestic trade relations with China, Mexico, Canada and other top markets has threatened export business and roiled commodity futures.
