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European, Asian Heat Wave Signals Higher Wheat Prices, Smaller Global Stockpiles

August 4, 2018: 12:00 AM EST
The heat wave that is searing Europe and Asia is also scorching forecasts for wheat harvests and driving prices up. North American wheat farmers are likely to benefit from the higher prices just as the Trump tariffs dampen demand for other crops, especially soybeans. The USDA forecasts a significant drop in global wheat stockpiles – the first time in five years – thanks to hot temperatures and drought that stunt the growth of cereals and reduce their quality. Chicago wheat futures hit three-year highs early in August, while a key European benchmark reached a four-year high. The price of Paris-traded milling wheat has soared 33 percent so far this year, which means more expensive animal feed in some regions and possibly more expensive bread. Agricultural analysts say the heat wave is an aberration, some observers predict an eventual shakeup for farming in parts of the world as the prospect of global warming looms.
David Hodari and Benjamin Parkin, "Global Heat Wave Toasts Wheat and Prices Soar", The Wall Street Journal, August 04, 2018, © Dow Jones & Co. Inc
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