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Chicago SRW wheat futures gave back a May-June rally that had been driven largely by speculators exiting short positions. Prices have returned to early-May levels as US harvest pressure and improving Black Sea weather weighed.
The latest WASDE trimmed 8 million tonnes from global wheat supply, mainly from Russia.
The reversal shows that harvest pressure can override supply cuts in the short term, though tighter Russian output still supports prices into late season.
mecardo.com.auAngus BrownJun 25, 2024Not 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.
