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Wheat continues sideways pattern amid southern Plains drought

An ag economist says a lack of rain in the southern Plains has caused the wheat complex to trade sideways.

Greg McBride with Allendale says relief could be coming soon, but… “It might be an isolated shower, or it might be a couple of days of isolated showers,” he said. “But it’s not going to be a long-term fix.”

He tells Brownfield the wheat market has been volatile for several months.

“We might have found our lower end of the market,” McBride said. “You start to come back and rally it back up, and if that’s the case, look for a little bit of a consolidation as we wait for those longer term forecasts to give us a true idea of what’s coming.”

The National Weather Service says some areas of the southern Plains haven’t received rain for over a month.