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New-crop Euronext wheat resumed its rally to its highest since January on weather risks in the northern hemisphere and short covering. September wheat closed up 2.4% at 228.50 euros a metric ton, with frost damage uncertainty noted in parts of Europe.
Weather risks and fund short covering lift European wheat prices, while a weaker euro against the dollar supports Euronext values for export buyers.
brecorder.comReutersApr 24, 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 443 past bullish events of any kind, Euro (USD per EUR) moved a median +0.4% over 5 sessions (63% higher; middle half -0.3% to +1.2%), 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.
