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Wheat futures rose last week on speculative buying ahead of the USDA Quarterly Stocks Report and dry weather in Australia and the US winter wheat belt. Prices peaked midweek and then fell after USDA reports showed a larger-than-expected US spring wheat crop and higher-than-expected US wheat stocks.
Australian new-crop prices also peaked near $270 per tonne.
A larger US spring wheat crop and higher stocks add supply to an already well-supplied market, pressuring wheat prices despite weather concerns in Australia and the US.
stockandland.com.auMalcolm Bartholomaeus, Market AnalystOct 3, 2017After 1,006 past bearish report events, Wheat (SRW) moved a median +0.0% over 5 sessions (50% higher; middle half -1.6% to +1.8%), 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.
