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International wheat futures rose early in the week on poor US winter wheat conditions, Russia blocking vessel inspections out of Ukraine, and some EU states halting Ukrainian imports, then retreated on good EU crop conditions and EU transit agreements. Funds hold a large net short in CBOT wheat.
Fund short positioning means the market needs fresh bullish news to rally, and Ukraine corridor and US weather risks remain the main upside triggers. Ukraine transit flows affect global wheat competition.
farmonline.com.auNathan Cattle Managing Director, Clear Grain ExchangeApr 25, 2023Not 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.
