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Reuters reports harsh weather is cutting wheat output in major exporters including Russia, Argentina and Australia, pushing world inventories toward nine-year lows. Russian attacks on Black Sea grain ships have renewed supply concerns.
Dryness is also threatening 2025 plantings in Russia, Ukraine and the US.
Tightening global wheat supplies from major exporters support prices and may lift demand for wheat substitutes in feed rations.
grainews.caNaveen Thukral, Reuters, Tom PolansekOct 10, 2024After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 1,465 past bullish weather events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 322 past bullish weather events, KWHEAT 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.
