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Chicago wheat extended gains on Tuesday to a two-month peak after USDA showed winter wheat conditions falling to 50% good to excellent, below analyst expectations. Dryness in the US Plains, southern Russia and a cold spell in western Europe added to supply concerns.
Crop condition deterioration below expectations and weather risks in key exporting regions support higher wheat prices, with fund short covering adding momentum.
brecorder.comReutersApr 23, 2024After 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.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% 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.
Apr 23 extension of gains after the USDA rating fell below expectations, with dryness in the Plains and Russia and cold in Europe adding to supply concerns, within the move window.
