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Mecardo reports Chicago soft red wheat near $345/t, about $200/t below a year earlier, after Black Sea corridor renegotiation pushed prices lower. Australian basis has rallied to over $40/t on dry conditions and a smaller expected crop, with the El Niño threat weighing on moisture outlooks.
Dry Australian conditions tied to El Niño support Australian wheat prices relative to SRW, while Black Sea uncertainty keeps global wheat pressured.
mecardo.com.auAngus BrownMay 30, 2023After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
Not 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.
