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Wheat futures fell nearly 3% in US trade as the dollar index rose to an eight-month high. Stronger US manufacturing PMI data for October was also reported.
A stronger dollar makes US wheat more expensive for overseas buyers, which weighs on export demand and futures prices.
economies.comRami HaddadOct 24, 2016After 69 past bearish macro events, Wheat (SRW) moved a median -0.5% over 5 sessions (35% higher; middle half -2.6% to +0.8%), and -0.7% over 20.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% 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.
Wheat futures fell nearly 3% on 24 Oct as the dollar index hit an eight-month high, which makes US wheat less competitive and drives selling (currency).
