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Chicago wheat futures fell to a new June low, below the May low and back to mid-April price levels. The article attributes the earlier rally to weather premiums from US drought and freeze, Canadian drought, European freeze and a dry Black Sea spring.
It expects the seasonal peak to be behind the market.
Routine seasonal selling as weather premiums fade points to lower wheat prices in the near term, especially with fund positions being unwound. Renewed weather problems could still reverse the trend.
farmonline.com.auMalcolm BartholomaeusJun 28, 2021Not 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.
