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Wheat futures fell in all three US markets on May 30 as adverse world growing conditions appeared priced in. Russian analytical services cut its production estimate to 80-82 million tonnes from over 85 million, while Black Sea offers remain plentiful and export sales are weak.
Ample world supplies and aggressive Black Sea offers cap wheat prices despite the Russian crop downgrade, keeping feed wheat competitively priced versus corn.
feedlotmagazine.comSource Jack ScovilleMay 30, 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.
Describes a pullback as adverse conditions looked priced in, with plentiful Black Sea offers and weak export sales; it is dated after the move but points to the same unwinding of the weather premium.
