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Chicago wheat futures nearly erased their year-to-date losses as traders worried about weather in Russia, Europe and the U.S. July wheat closed at 622.25 cents on Friday, the highest weekly close in two years. Concerns centered on dry weather in Russia's southern Caucasus and possible frost losses in Europe.
A two-year high in wheat, driven by Black Sea and European weather risk, raises the cost of wheat-based feed and narrows its discount to corn.
agriculture.comFarmdocApr 29, 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.
