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Wheat prices in Australia are above A$300/t in all port zones, and Chicago futures reached a five-year high of US$5.874/bu. The rally was driven mainly by a USDA report showing much lower-than-expected US stocks, plus dryness in Russia, Ukraine and the US southern Plains.
Tighter US stocks and weather-related crop concerns lift global wheat values, and Australian farmers are locking in prices ahead of harvest. Feed wheat costs rise alongside milling wheat.
farmonline.com.auGregor HeardOct 7, 2020After 769 past bullish report events, WHEAT moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
