Chicago wheat rose sharply on delayed US spring wheat sowing, with USDA showing only 45% of spring wheat planted versus a 67% five-year average. European wheat gained less, pressured by an Algerian tender that bought about 510,000 tonnes at $208-211/t CFR.
US HRW, HRS and SRW futures all moved higher.
Planting delays raise concern about US spring wheat output, supporting world wheat prices, while the lower Algerian tender price caps gains in European wheat. Buyers should expect firm US wheat values in the near term.
After 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.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.