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CBOT wheat for December has risen about A$40/t since early August as the market has steadily strengthened. Russian farmers are planting winter wheat into dry conditions, and Russian officials have hinted at possible wheat export quotas.
Russia is the largest wheat exporter, so dryness and potential export quotas tighten global wheat supply and support export prices. Australian basis has narrowed as a result.
graincentral.comGuest AuthorOct 8, 2020After 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.
