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US wheat futures fell to new contract lows in late January as large EU and Russian stocks weighed on the market. Managed money has been rebuilding its short position in SRW wheat.
Winter wheat conditions in the US entered dormancy better than last year, at 50% good-to-excellent versus 34%.
Large EU and Russian supplies and improved US crop conditions point to continued bearish pressure on wheat prices, lowering feed grain costs.
stockjournal.com.auEd Scamps, Cloudbreak Grain MarketingJan 26, 2024Not 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.
