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CBOT wheat posted a 51.25 cent per bushel weekly gain driven by drought in US hard red winter wheat areas, a cold snap across Russia, Ukraine and Europe, and fund buying. Prices took back above 500 cents per bushel before profit-taking pulled them lower on Friday.
Combined drought and cold-weather risk to crops, plus fund buying, support wheat prices and raise input costs for feed buyers who rely on wheat. The rally is strong compared with recent years.
stockandland.com.auMalcolm Bartholomaeus, Market AnalystMar 7, 2018After 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.
