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Global wheat prices rose further as dryness in Argentina, southern Russia and Ukraine hampered crop establishment, and Ukraine cut its 2020 wheat harvest forecast to 25.1 million t. Egypt bought about 650,000 t, mainly Russian wheat, and Romania was reported to be considering halting exports.
Drought-related crop cuts in major exporters and strong import demand tighten global wheat supplies, which supports export prices and firms European and UK feed wheat values.
farming.co.ukSep 25, 2020After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Dryness in Argentina, southern Russia and Ukraine, a lower Ukrainian harvest forecast and Romanian export-ban talk lifted global wheat prices into the 9/28 move, a supply-side driver.
