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Wheat prices rallied in spring after dry weather in Russia from late April and early May, with Kansas City futures briefly above $7 a bushel. The article questions whether that rally can hold through the summer as U.S. harvest begins, citing farmers' large holdings of old-crop bushels.
Russian dryness supported prices, but farmer selling of old-crop stocks and the incoming harvest could cap gains and weigh on U.S. wheat values.
farmprogress.comJacqueline HollandJul 1, 2024After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 322 past bullish weather events, Wheat (HRW) 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.
