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Grain futures fell sharply from May highs, with Chicago December wheat retreating to levels last seen in early 2022. Selling was driven by a risk-off climate from rising interest rates and the cost of living, and by Northern Hemisphere harvest pressure.
USDA's spring wheat acreage came in above expectations despite being the lowest in four years.
Harvest pressure and fund liquidation weighed on wheat prices, although ongoing Black Sea supply disruption limits the downside. Feed buyers can expect softer wheat values in the near term.
theland.com.auJames Urquhart, AwbJul 7, 2022Not 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.
