Loading…
Rain fell over western parts of the Russian Caucasus, where a lack of rain in March and April had raised worries for winter wheat. Chicago wheat futures fell about 2% and Paris milling wheat about 2% in profit-taking after a steep rally.
Easing Russian dryness reduces the weather premium in wheat, pressuring feed wheat prices, though dry eastern and northern areas keep some support.
drybulkmagazine.comOliver KleinschmidtApr 30, 2024After 70 past bearish weather events, KWHEAT moved a median -0.6% over 5 sessions (41% higher; middle half -3.9% to +2.5%), and -1.1% over 20.
After 334 past bearish weather events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
