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Wheat futures gained as dry weather concerns persisted in Russia and the US, with speculative traders still short. The EU Commission cut its 2024 EU-27 soft wheat crop to 120.2 Mt, the lowest in four years, and Paris rapeseed dipped slightly.
Dry conditions in Russia and a lower EU crop estimate reduce export supplies and support wheat prices, with feed wheat values also tracking global futures.
ahdb.org.ukApr 26, 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.
Not 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.
