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Wheat futures rose as dry weather raised fears of tighter supply, with severe rainfall deficiencies expanding in parts of Australia. Rains helped stabilise crop expectations, but Australian wheat production is forecast about two-fifths lower than last year.
Dry weather and a sharply smaller Australian crop tighten global wheat supply, supporting higher wheat prices and feed grain costs.
reuters.comOct 9, 2023After 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.
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.
