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d on Tuesday after reaching their highest level since July, facing chart resistance. Unseasonable frosts in central and southern Russia and a cut in IKAR's Russian wheat crop forecast to 86 million tons kept supply concerns in focus.
Russian frost damage and crop cuts tighten global wheat supply, supporting prices. Traders' focus on the extent of losses keeps volatility high.
brecorder.comReutersMay 15, 2024After 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.
