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Collapsed tourism in cities such as Bangkok and Paris is cited as a sign of falling global wheat demand during the pandemic. Wheat prices were down about 6% for the year.
The article suggests further declines are possible.
Lower food-service and tourism-linked demand reduces wheat consumption and could push prices lower. The effect is gradual and mainly weighs on sentiment.
reuters.comNaveen Thukral, Patpicha TanakasempipatMay 8, 2020After 69 past bearish macro events, Wheat (SRW) moved a median -0.5% over 5 sessions (35% higher; middle half -2.6% to +0.8%), and -0.7% 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.
