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CODAK reviews its wheat outlook after a predicted breakout, noting SRW and HRS have turned bearish on carry metrics while HRW stays neutral. The analysis highlights a USD/RUB divergence and winterkill in Russian regions near the Caspian Sea supporting prices.
Winterkill in Russia and a tight wheat-corn spread support prices, but widening basis and carry signals point to weaker US wheat demand at the margin.
codakgroup.comGarret BrownFeb 19, 2025Not enough comparable past events yet for a historical read.
Not 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.
