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Wheat prices in the Black Sea and Canada reached their highest levels in months after cold weather and frost damaged Russian wheat. Platts assessed FOB Russian 12.5% wheat at $245/mt on May 22, up from $219/mt on May 7.
Dry weather is forecast for Ukraine, and rail strikes are also supporting Canadian prices.
Lower Russian and Ukrainian production estimates and Canadian rail disruption tighten export supplies, which supports wheat prices and raises the cost of imported grain for feed buyers.
spglobal.comVivian Iroanya, Lalita AVD, Ashya Kaderabek-VelaMay 22, 2024Not enough comparable past events yet for a historical read.
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.
After 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.
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.
