The Plains and the Midwest of the U.S. endured the wrath of a winter storm this week, which provided cover for the grain and helped stave off frost. The cover also will supply moisture as it melts in spring. The snowfall ranged from 0.4 inches to 10 inches in Kansas, Oklahoma and Northern Texas.
"The hard and soft red winter wheat crops could not have had better weather conditions," economist Dennis Gartman wrote in his daily newsletter on Thursday. "Many of the nation's wheat growers have gotten what they’d wanted and needed: snow cover."
At 8:45 a.m. on Thursday, wheat futures fell 0.29 percent, a 0.0225 loss to $7.7225 per bushel.
The Economic Times reports the government of India granted approval on Wednesday for a marginal 5 percent gain in minimum support price for wheat for this season, also nodding approval for 2.5 million additional tons of the grain from government supplies as a method of easing storage issues following this past year's record harvest.
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