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Wheat futures made new contract lows after the August USDA report and were heading towards 400 cents per bushel. Harvest is nearly complete in the US and France, while delays from bad weather continue in parts of Germany, Poland and the UK.
Russian and Ukrainian wheat is about $10 per tonne cheaper than French wheat in the latest Middle East tender.
Russian wheat undercutting EU and US origins in key Middle East and North African markets keeps prices under pressure. Weather delays in Europe may increase the share of feed wheat, which could support feed-grade supply.
theland.com.auMalcolm Bartholomaeus, Bartholomaeus ConsultingAug 23, 2017Not enough comparable past events yet for a historical read.
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.
