Kansas Association of Wheat Growers
I’m not for sure, but this map of the past 30 day’s precipitation indicates this may have been the wettest drought in history… especially when it applies to spring wheat.
Yes, Montana was dry and stayed dry, but parts of North Dakota, certainly most of Minnesota, and on north into Manitoba were wet to very wet.
This has increased spring wheat production estimates, and importantly, decreased expected protein content.
How this plays out this crop year remains to be seen, of course, but gone are the ideas that spring wheat would be nothing but high protein. Suddenly it seems (or at least as harvest moves north through the Red River Valley into Manitoba and we get more data), the thought that taking delivery of MGEX spring wheat futures would be an easy way to get 14% protein is incorrect, as 13% protein is much more readily available than most dreamed possible.
For wheat end-users everywhere, their world has changed.
Source: Kansas Association of Wheat Growers