Loading…
July Chicago wheat closed near $7 a bushel for the first time since August 2023, after rising for a third time in five weeks. Fund short positions were covered as dry conditions in Black Sea wheat areas intensified.
USDA's May report estimated 2024 SRW production at 344 million bushels, down 23% from last year.
Fund buying and weather-driven Black Sea stress are pushing wheat prices higher, which raises feed grain costs for buyers.
dtnpf.comTodd HultmanMay 28, 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.
Wheat had rallied to near $7 on fund short covering and Black Sea dryness, so the market was overextended and exposed to a sharp liquidation drop; the article describes the rally rather than the drop itself.
