Afternoon Coffee: Drought Pushes Wheat Prices to Multiyear Highs, Mexican Auto Imports Continue to Climb

Sasajo/Adobe Stock

Hedge funds and other speculative investors are having a field day in the wheat market as a drought in the Great Plains wreaks havoc on a key portion of the U.S. wheat crop, the Wall Street Journal reports. Spring wheat futures at the Minneapolis Grain Exchange have sprung up 40% in just over a month, far outpacing more widely traded corn and soybean contracts.

Mexico Imports

U.S. President Donald Trump's threats to penalize automakers that import vehicles from Mexico have not yet stemmed the tide of cars and trucks from our souther neighbor. As CNBC reports, new data from the Mexican Automobile Industry Association show the country exported 1.16 million vehicles to the U.S. in the first half of 2017, an increase of 15.6% compared with the same period in 2016.

Manufacturing Orders

The Association for Manufacturing Technology announced Monday that U.S. manufacturing technology orders showed gains both in May and year-over-year, according to Industrial Distribution. May orders were up 3.1% over April, and 21.8% over May 2016.

Happy Prime Day!

And finally, a happy Amazon Prime Day to you from us at Spend Matters. Ever wondered how your procurement organization could take advantage of the annual event? Check out our guide from Managing Editor Taras Berezowsky.

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