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On March 21, 2017 US wheat futures fell to six-week lows, with CBOT SRW, Kansas HRW and Minneapolis spring wheat all lower. MATIF May milling wheat dropped to a seven-week low as the euro strengthened.
Forecasts called for precipitation across most of the US wheat belt within 10 days.
Improving weather lowers yield risk for winter crops, and a stronger euro weighs on dollar-denominated European wheat, adding pressure to global wheat prices.
graintrade.com.uaMar 22, 2017After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
After 70 past bearish weather events, Wheat (HRW) moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% 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.
